Bloomberg Senior Commodity Strategist Mike McGlone believes that bitcoin, the most popular cryptocurrency, is yet to reach $100,000. Oil prices will continue to fall in the second half of 2022.
A fall in petroleum prices by the US Federal Reserve is likely to halt interest rates hikes, which will likely signal a deflationary trend around the world. According to a recent survey conducted by the Federal Reserve Bank of New York, inflation expectations in the United States have been on an all-time low.
Such macroeconomic factors can drive up gold prices. McGlone estimated that the price of the yellow metal would rise again to $2,000. The commodity strategist is also certain that bitcoin will begin to behave like the high-beta counterpart of both gold and Treasury bonds.
McGlone often said that by the end of 2021, bitcoin could reach $100,000. But his prediction went terribly wrong; In June, the largest cryptocurrency fell in value to just $17,600.
However, the analyst still sticks to his incredibly positive estimate. Unexpectedly positive jobs data last week stunned the markets, perhaps giving the US confidence the Federal Reserve to slash rates more aggressively.
bitcoin price
Bitcoin price is rising to retest the overhead resistance of $24,000. Upper resistance stopped the bulls in the last two attempts. The market cap of all cryptocurrencies has crossed the $1 trillion mark today, rising nearly 2% over the past 24 hours.
Ethereum, the second largest cryptocurrency, rose nearly 4% to $1,769. XRP, Solana, BNB, Litecoin, Chainlink, Tether, Polkadot, Tron, Avalanche, Stellar, Apcoin, Uniswap and Polygon were trading with gains in the last 24 hours.