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HomeBTCBloomberg senior strategist expects Bitcoin will reach a significant milestone in 2022

Bloomberg senior strategist expects Bitcoin will reach a significant milestone in 2022

Mike McGlone, Bloomberg’s chief commodities strategist, tweeted about the relationship between the Bitcoin market, risk assets, and inflation.

Mike McGlone tweeted:

The short-term view for Bitcoin indicates market volatility, and the leading cryptocurrency is on track to set a new trend. In reference to the Fed’s tightening of financial policy, McGlone said that the bulk of assets in the market would react to the “ebbing tide” in 2022. 

McGlone previously stated that Bitcoin had “divergent strength” when compared to equities. A continuing theme in Bloomberg’s February Crypto Market Outlook, the strategist is also positive on Ethereum and stablecoins, which he refers to as “crypto dollars.” In the report, Bloomberg’s team of analysts predicted that Bitcoin’s next big price milestone would reach $100,000.

Prices in the cryptocurrency market have been volatile due to expectations of a Fed rate hike.

Analysts estimate that the Fed may hike interest rates as many as six times this year in order to significantly reduce the circulating supply of money. The goal is to reverse the inflation caused by stimulus programmes during the COVID pandemic.

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Jeewan Singh
Jeewan Singh is CryptoShrypto’s content writer and a seasoned writer with over two years of experience in writing about Indian Securities Market. Jeewan's participation in Blockchain and Cryptocurrency started in late 2020, and he hasn't looked back since. The technical and economic outcomes of cryptocurrency are what spark his curiosity, and he keeps one eye on the market.
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