December Forecast For Gold And Bitcoin From The Analyst Who Knows 3 Times!

Senior Bloomberg strategist Mike McGlone, who knows 3 times, evaluated the price of gold and Bitcoin. Analyst awaits these levels!
 December Forecast For Gold And Bitcoin From The Analyst Who Knows 3 Times!
READING NOW December Forecast For Gold And Bitcoin From The Analyst Who Knows 3 Times!

The Fed decided to increase interest rates by 75 basis points on July 27. The FED’s decision points to the re-emergence of deflationary forces. As a result, it fell under the eyes of investors. In the light of recent developments, gold took its place as an asset class that will shine in the second half of the year. However, one analyst who has held many predictions in the past has evaluated the price of gold and Bitcoin. According to Bloomberg senior analyst Mike McGlone, the 2 asset classes will be at these levels in December.

Gold price gives bullish signal

After the FED’s July decision, the price of gold rose by around $30. Gold futures were up 1.76% on the day at $1,749. This came after gold slumped to $1,700 an ounce. The strengthening of the US dollar caused gold to be stuck in consolidation mode. After the recent rise, Bloomberg senior analyst Mike McGlone shared his expectations for the future of gold. According to him, the 75 basis point rate hike by the FED is quite positive. This is because it has the potential to consolidate a long-term bull season. However, the analyst said that the precious metal traded at very low levels in July. However, he added that he expects greater bullish headwinds. He stated that the FED increased the phase by 150 basis points in just 40 days. According to him, these increases seem to help gold find its bottom and start to rise.

How will the Fed’s policies affect gold?

Comments from Fed Chairman Jerome Powell that they may soon be ready to slow tightening are helping the gold price. On Wednesday, Powell stressed that US monetary policy is currently neutral. This means that the Fed may soon begin to slow the rate of rate hikes. Also, Powell disagrees that the US economy is currently in a recession, despite GDP contracting for the second quarter in a row.

McGlone bullish for Bitcoin

Bitcoin and the overall crypto market also reacted to the Fed’s rate hike. BTC tested the key $24,000 level. The Fed is trying to control inflation. Meanwhile, there is intense interest in how the market will react to future price hikes. In line with this, Mike McGlone shared a tweet on July 29. McGlone said that the upcoming Fed meetings on interest rates could make Bitcoin go up even more. According to him, the increase in rates will lay the foundation for BTC to outperform most asset classes. Furthermore, the analyst noted that Bitcoin could be in the days of early recovery after the significant sell-off in 2022.

Overall, McGlone remains bullish on Bitcoin. Accordingly, he states that the coin will likely peak at $100,000. The analyst says that Bitcoin will likely emerge as the best performing asset in the second half of 2022. As we reported on Kriptokoin.com, Bitcoin has recently made attempts to keep its price above $20,000. It then hit a 6-week high of $24,000, prompting the market to reclaim $1 trillion in capital. All these initiatives represent small gains.

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