Mike McGlone, the senior commodity strategist at Bloomberg, believes that Bitcoin, the most popular cryptocurrency, is still on course to reach $100,000. In the second half of 2022, oil prices will continue to fall.
A fall in petroleum prices by the US Federal Reserve is likely to halt interest rates hikes, which will likely signal a deflationary trend around the world. According to a recent survey conducted by the Federal Reserve Bank of New York, inflation expectations in the United States have been on an all-time low.
Such macroeconomic factors could increase gold prices. McGlone projected that the price of the yellow metal would rise again up to $2,000. The commodity strategist is also certain that Bitcoin will begin to behave like a high-beta counterpart of both gold and Treasury bonds.
McGlone often said that by the end of 2021, bitcoin could reach $100,000. But his prediction went terribly wrong; In June, the largest cryptocurrency fell in value to just $17,600.
However, the analyst is still sticking with his incredibly positive estimate. The unexpectedly positive jobs data that stunned markets last week has probably given the U.S. The Federal Reserve has more confidence to drop rates more aggressively.
bitcoin price
Bitcoin price is rising to retest the overhead resistance of $24,000. Upper resistance stopped the bulls in the last two attempts. The market cap of all cryptocurrencies has crossed the $1 trillion mark today, rising nearly 2% over the past 24 hours.
Ethereum, the second-largest cryptocurrency, increased by about 4% to $1,769. XRP, Solana, BNB, Litecoin, Chainlink, Tether, Polkadot, Tron, Avalanche, Stellar, Apecoin, Uniswap, and Polygon prices were all trading with gains over the last 24 hours.
