The crypto markets may be sinking in a red sea of losses at the moment. But one top analyst is confident that 2022 will be bullish – for Bitcoin and Ethereum as well as altcoins.
Top analyst expects new crypto bull run in 2022
BitIQ and most altcoins are currently facing intense losses. BTC is down 2.19%, Ethereum down 5%. Overall, the crypto market capitalisation had to give up 3.79% within the last 24 hours.
But according to Mike McGlone, chief commodity strategist for the news portal Bloomberg, the recent correction could be just temporary pain. According to McGlone, the markets are now optimally positioned for a full-blown bull run in 2022. The analyst explains why in his latest report “Global Cryptocurrency Outlook”.
Simply put, many asset managers may feel compelled to invest in the new asset class because of the huge gains in crypto markets, McGlone says.
“Past performance is no indicator of future results, but when a new asset class outperforms established ones, naysayers have little choice but to get in on the action.”
According to the report, Bloomberg analysts expect this fact to play an important role in 2022, as money managers “could be exposed to greater risks” if they continue to avoid cryptocurrencies in their portfolios.
Bitcoin is also, by all accounts, still on its way to six-figure prices, McGlone said:
“Bitcoin seems to be on its way to $100,000. We see it more as a matter of time, largely because of the economics of increasing demand and decreasing supply.”
He said there were “numerous examples” of Bitcoin “simply staying the course when it comes to mainstream adoption” in 2022. Examples pointing to a bull market include US, Canadian and European exchange-traded funds and futures, or Bitcoin’s status as legal tender in El Salvador.
The markets would then be driven mainly by three cryptocurrencies: Bitcoin, Ethereum and Stablecoins. The success of altcoins like Shiba Inu Coin and Dogecoin, on the other hand, would prove that the markets are now ripe for speculation.
Forecast: Ethereum to hit $10,000
Likewise, the popular top trader “Credible Crypto” expects a profitable 2022. He does not expect new all-time highs for Bitcoin within the next six months. After that, however, things will get bullish, according to Credible Crypto.
He shows his more than 278,000 Twitter followers a chart showing BTC rising back above $60,000 by July 2022, writing, “What we’re likely to get.”
But not only Bitcoin, Ethereum will also explode, according to the analyst’s assessment. He even expects a V-shaped recovery – and an ETH price of 10,000 dollars and more. Credible Crypto:
“I’m getting ‘V-shaped reversal’ vibes here [to be honest]. That means the bottom is at $3,600 and we’ll essentially move up, with small dips along the way, but nothing major. I think ETH is leading the way. The breakout and close above $4,600 confirms that IMO. It’s going to be fun.”