Last year, many analysts, including Bloomberg analysts, gave a target of 100 thousand dollars for Bitcoin (BTC), known as digital gold. However, Bitcoin (BTC) declined after reaching $ 69 thousand and was able to complete the year at $ 46 thousand. Although real gold closed the year with a decline, it shone in 2022 with rising inflation and geopolitical uncertainties.
Bitcoin, gold and Ethereum forecasts from Bloomberg
Bloomberg analysts do not seem to have given up on their $100,000 target for digital gold Bitcoin. As we have mentioned in the news of Kriptokoin.com, analysts who frequently shared their estimates of $100,000 for Bitcoin last year, seen as nirvana, continue to keep their forecasts high for the leading crypto and leading altcoin.
According to a recent research note shared by Bloomberg, analysts, echoing their previous analysis, see it as only a matter of time before Bitcoin reaches $100,000. Analysts also assess that Ethereum does not have the value it deserves. The reasoning is explained in the research note as follows:
Bitcoin and Ethereum are outperforming most assets, despite the Federal Reserve shutting down money taps and raising interest rates. Prior to the long-awaited transition from Proof of Work (POW) to Proof of Stake (POS) in Ethereum, its price seems to have remained low.
Analysts state that the Russia-Ukraine war has increased the value of Bitcoin as a global digital reserve asset, while Ethereum has become the collateral of the internet. Analysts comment: “Although volatility in cryptocurrencies increased in the first quarter of 2022, it adds to the narrative that Bitcoin is a 24/7 global trading tool and is on its way to becoming digital collateral.”
According to analysts, he states that the gold price could not perform as expected in the environment of Russia’s occupation of Ukraine and the ongoing war. While they are optimistic towards yellow metal, they note that poor performance is an indicator of the transition to digital.
Analysts’ view of the leading altcoin is quite optimistic. According to analysts, Ethereum will continue on its way due to being a deflationary asset and has the potential to reach $61.00, a 70% increase from the current price. Analysts predict that The Merge, which will switch Ethereum from PoW to PoS, will increase interest in ETH and turn it into a stock-like tool with supply demand dynamics.
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