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Bitcoin (BTC) Price Still in Course GOING TO $100k Says Bloomberg Strategist, Mike McGlone

Mike McGlone, the senior commodity strategist at bloomberginformation bloomberg MediaConglomerate company Followers : 0 View profile , believes that Bitcoin, the most famous cryptocurrency, continues to be on course to attain $100,000. In the next 1 / 2 of 2022, oil prices will continue steadily to fall.

The U.S. Federal Reserve will probably stop raising interest levels due to declining petroleum prices, that will likely indicate worldwide deflationary trends. Inflation expectations have fallen in the usa across in history horizons, in accordance with a recently available survey by the Federal Reserve Bank of NY.

Such macroeconomic factors could increase gold prices. McGlone projected that the price tag on the yellow metal would rise again around $2,000. The commodity strategist can be sure that Bitcoin will quickly behave such as a high-beta counterpart of both gold and Treasury bonds.

A Matter of Time? $2,000 #Gold, $100,000 #Bitcoin, $50 #CrudeOil

The power spike is proving its worst enemy, with macroeconomic implications that could buoy gold and help Bitcoin transition toward a high-beta version of the metal and Treasury bonds.

Mike McGlone (@mikemcglone11) August 8, 2022

McGlone frequently said that by the finish of 2021, Bitcoin may hit $100,000. But his prediction went horribly wrong; in June, the worthiness of the largest cryptocurrency fell to just $17,600.

However, the analyst continues to be keeping his incredibly positive estimate. The unexpectedly positive jobs data that stunned markets the other day has probably given the U.S. The Federal Reserve has more confidence to drop rates more aggressively.

Bitcoin Price

The cost of Bitcoin has been rising to be able to retest the $24,000 overhead resistance. The overhead resistance held off the bulls in the last two attempts. Because of nearly 2% increase on the previous 24 hours, the marketplace cap of most cryptocurrencies today exceeded the $1 trillion mark.

Ethereum, the second-largest cryptocurrency, increased by about 4% to $1,769. XRP, Solana, BNB, Litecoin, Chainlink, Tether, Polkadot, Tron, Avalanche, Stellar, Apecoin, Uniswap, and Polygon prices were all trading with gains during the last 24 hours.

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