Mike McGlone is a Bloomberg senior commodity analyst. predictsA rise in Bitcoin’s price in the second quarter of 2022. It is possible that Bitcoin’s price could rise in the second half of 2022.
Bitcoin prices can be difficult to predict and are more susceptible to market forces than other asset classes due to the recent price drop and uncertainty.
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Bitcoin’s price nearly doubled between 2021 and 2022. But, in January 2022 it experienced a dramatic decline, which almost reversed all the gains from the previous year.
BTC is still well below its November record price of $68,000 due to market fluctuations. Bitcoin is still below $45,000 for the past six months.
Bitcoin is a cryptocurrency with a much longer track record, compared to other cryptos. BTC’s value is more than doubled despite price fluctuations.
Mike McGlone’s Tip For Bitcoin’s Price
McGlone expressed his opinion on Twitter on July 6, pointing out encouraging trends in Bloomberg’s Galaxy Crypto Index (BGCI) data. He stated that:
With the Bloomberg Galaxy Crypto Index nearing a similar drawdown as the 2018 bottom and #Bitcoin’s discount to its 50- and 100-week moving averages similar to past foundations, risk vs. reward is tilting toward responsive investors in 2H.
The BGCI (a benchmark) tracks major cryptocurrencies that are traded in dollars. In addition to having Galaxy Digital Capital Management’s co-brand, Bloomberg owns and is responsible for the administration of the Index.
In McGlone’s opinion, the bear market’s bottom in 2018 was followed by a significant comeback in the H1 of 2019, maybe paralleling the present indications.
His Bitcoin prediction was made on July 4. tweet, McGlone stated that the June 75 bps boost could be the last if equities continue to decline at the same rate as they did in the year’s first half.
His July 6th tweetAccording to him, Bitcoin may experience one of the largest bull markets due to its low current price in the second-half of 2018.
The crypto could be an unsuccessful experiment that is being made redundant like #crudeoil. We believe that Bitcoin adoption will continue to rise.
Other Analyst’s Prediction For Bitcoin
Many crypto-sceptics are predicting that Bitcoin could crash to $10,000 by 2022. A better position would be to think that Bitcoin can still reach $100,000 as experts predicted last year.
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According to Professor Carol Alexander, a Sussex University professor of finance, BTC is expected to fall as low as $10,000 in 2022. That would erase most of the gains it has made over the last 15 months.
It is difficult to predict the future of crypto. Some market analysts believe BTC will reach a price of $100,000 by the end of 2023, while others say it’ll only take until the first quarter of 2022. Still, other predictors say that at most in 2022, BTC won’t rise higher than $70,000.
Featured Image from Flickr. Chart from Tradingview.com