Bitcoin Will Rebound In 2nd Half Of 2022, Says Bloomberg Analyst

Mike McGlone, a senior commodity analyst at Bloomberg, predicts a rise in the price of Bitcoin in the second half of 2022. This suggests that the price of BTC may be preparing for a positive comeback this year. Compared to more well-known asset types, bitcoin prices are significantly harder to forecast and more sensitive to market forces because of the uncertainty and recent price decline. Related Reading | U.S. Federal Panel Claims Cryptocurrencies Can Boost The Economy, Will It Result In Bullish Trend? In 2021, the price of bitcoin doubled, but in January 2022, it saw a significant decline that nearly wholly reversed the gains made the year before. For now, BTC remains well behind its all-time high price of $68,000 in November due to the ups and downs of the market. Even over the previous six months, Bitcoin has only briefly risen above $45,000. Comparatively speaking, Bitcoin has a significantly longer track record than other cryptocurrencies. However, with price variations, BTC is still worth more than twice as much as it was only a few years ago. Mike McGlone’s Tip For Bitcoin’s Price McGlone shared his opinions on Twitter on July 6, pointing out encouraging trends in Bloomberg’s Galaxy Crypto Index (BGCI) data. He states that: With the Bloomberg Galaxy Crypto Index nearing a similar drawdown as the 2018 bottom and #Bitcoin’s discount to its 50- and 100-week moving averages similar to past fou...