Professional Bloomberg analyst Mike McGlone predicts an increase in Bitcoin price in the second half of 2022. The analyst says that the BTC price is poised for a positive turnaround this year.
Bloomberg analyst says Bitcoin will recover in the second half of 2022
Compared to other markets, Bitcoin is significantly more difficult to predict. It is also more susceptible to market forces due to uncertainty and the recent price drop. In 2021, the price of Bitcoin doubled. But it saw a significant drop in January 2022 that almost completely reversed all of last year’s gains.
Bitcoin, in particular, has a significantly longer history than other cryptocurrencies. However, with price changes, BTC is worth 2x what it was just a few years ago.
Mike McGlone’s advice for Bitcoin price
McGlone shared his views on Twitter on July 6, citing encouraging trends in Bloomberg’s Galaxy Crypto Index (BGCI) data:
Risk-versus-reward is leaning towards sensitive investors in the second half, with the Bloomberg Galaxy Crypto Index approaching a similar dip to its 2018 bottom and Bitcoin’s cut to its 50- and 100-week moving averages similar to past foundations.
As a benchmark, BGCI tracks major cryptocurrencies traded in dollars.
According to McGlone, the bottom of the bear market in 2018 followed a significant rebound in line with 2019. On July 4, in his Bitcoin prediction tweet, McGlone stated that the June 75 basis point gain could be the last if stocks continue to fall at the same rate as in the first half of the year.
In his July 6 tweet, he claimed that Bitcoin could experience one of the biggest bull markets ever, given its current low price starting in the second half of the year.
BTC price predictions from other analysts
Some hostile crypto critics predict that Bitcoin will drop below $10,000 in 2022. However, according to many experts, Bitcoin still has a chance to reach $100,000. On the contrary, Carol Alexander, professor of finance at the University of Sussex, is one of the well-known BTC bears. The analyst predicts that BTC will drop to $10,000 in 2022. Thus, he expects it to erase most of its gains from the previous 15 months.
As Cryptokoin.com reported, there is no clear consensus when it comes to crypto predictions. Some market analysts believe that BTC will hit a price of $100,000 by the end of 2023, while others say it will only last until the first quarter of 2022. Still, other forecasters say BTC won’t rise above $70,000 by 2022 at most.
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