Home News Bitcoin and Ether heading $100K and $5K in 2022

Bitcoin and Ether heading $100K and $5K in 2022

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Despite the fact that cryptocurrency markets have plummeted to multi-month lows, prominent cryptocurrencies such as Bitcoin (BTC) and Ether (ETH) are expected to reach new all-time highs in 2022, according to a Bloomberg analyst.

According to a prognosis released in Bloomberg intelligence analyst Mike McGlone‘s latest market study on Thursday, BTC and ETH will reach $100,000 and $5,000 this year, respectively.

“A big issue we see is the Federal Reserve. Which is dealing with the highest inflation in four decades, will be more tempted to hike interest rates. If risk assets continue to rise,” McGlone said.

McGlone also projected that BTC, Ether, and US-pegged stablecoins will continue to rule in 2022. Although some of the top 2021 victors, such as the Binance Coin (BNB) and Solana (SOL), “may end the pattern of transitory guests among the top five”.

According to the analyst, predictions for Fed rate hikes in 2022 might support a “win-win scenario” for Bitcoin over the stock market. With BTC likely acquiring an “edge” this year overstocks.

“Crypto assets are at the top of the speculative and dangerous list,” McGlone wrote. “But the firstborn is swiftly migrating toward becoming the world’s digital reserve asset.”

McGlone isn’t the only one who believes BTC could reach $100,000 in the near future

The latest Bloomberg intelligence research backs up McGlone’s previous predictions. Early in December 2021, the expert anticipated that BTC and gold will hit $100,000 and $2,000, respectively, in 2022. He has previously projected that the first BTC exchange-traded fund would be approved in the United States in October 2021.

McGlone isn’t the only one who believes BTC could reach $100,000 in the near future. In a recent note to investors, Goldman Sachs co-head of global FX and EM strategy Zach Pandl predicted that Bitcoin may grab 50% of the store of value market share in the next five years. With the price of BTC potentially skyrocketing above $100,000 as a result of gold’s market share.

According to CoinGecko data, BTC is currently trading at $41,873, down over 11% in the last seven days. BTC began to fall after the Fed’s December FOMC meeting on Wednesday. Which revealed that the central bank was committed to raising interest rates in 2022, as previously reported. As a result of internet disruptions in Kazakhstan as a result of anti-government rallies, the market has shrunk.

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