In spite of the fact that Bitcoin (BTC) has not had a historically unprecedented December as many leading analysts anticipated, the bear market might still be a significant way off, according to one strategist.
During a discussion with Bloomberg’s Paul Sweeney and Sonali Basak on December 22 on The Tape Podcast, Bloomberg Intelligence’s Senior Commodity Strategist, Mike McGlone, shared his positive outlook for the cryptocurrency market.
While he described oil as being in a “bear market,” he considers Bitcoin as being in the exact opposite situation. The cryptocurrency has gained 64% year to date thus far and has more than doubled in value since this time last year, with McGlone describing the asset as being in an “enduring bull-market.”
Indeed according to Bitcoin ROI by Finbold, which lets you compare the return-on-investment (%ROI) of BTC compared to traditional assets like stocks, currencies, indexes, and metals, the flagship digital currency is up 64.25% as of December 23.
The digital asset has benefitted from institutional adoption, and several other factors indicate that Bitcoin will have a promising future in 2022.
McGlone predicts $100k Bitcoin in 2022
Even though Bitcoin is now stabilizing around the price he said it would reach a year ago; its journey has been far from predictable.
While acknowledging the current state of affairs, McGlone thinks Bitcoin will continue to “do what it’s been doing” before climbing to $100,000 next year, which he says will be the “next key plateau.”
He considers that Bitcoin has reached a price floor of roughly $45,000, from which it has just returned. Following that, he expects it to reach around $70,000 in the near future before reaching another significant resistance.
“For a sign of weakness – for a technical guy – you need to sustain below $45k, and that to me is an unlikely event,” said McGlone.
Speaking about altcoins, Mcglone said that only the “three musketeers” (Bitcoin, Ethereum, and stablecoins) are essential. Other cryptocurrencies, such as meme tokens Dogecoin and Shiba Inu, which he considers to be highly speculative, will, in his opinion, be eventually phased out.