From early-2021, crypto enthusiasts kept claiming that it is very likely for Bitcoin (BTC) to hit a trading value of $100,000 by the end of the year. Yet, we are close to the end of 2021 and Bitcoin is far from reaching such a price.
The last market correction did not help either, with Bitcoin dropping below the $50,000 price once again. Now, many cryptocurrency analysts are looking forward to what 2022 has in store for Bitcoin and the whole market. Most of them are predicting that the upcoming year will result in Bitcoin finally reaching the price target of $100,000.
Bitcoin Could Hit $100,000 in 2022
According to Mick McGlone, a Senior Commodity Strategist in Bloomberg, Bitcoin and Gold are set to hit new all-time highs during 2022. In one of his tweets, he states that Bitcoin is likely to reach a trading value of $100,000 while Gold could reach a price of $2,000. He claims that this growth will be a result of the latter’s deflationary forces.
$100,000 #Bitcoin, $50 #Oil, $2,000 #Gold? 2022 Outlook in 5 Charts – Peaking commodities and the declining yield on the Treasury long bond point to risks of reviving deflationary forces in 2022, with positive ramifications on Bitcoin and gold. pic.twitter.com/j3VNAOCwuz
— Mike McGlone (@mikemcglone11) December 9, 2021
Because of inflationary pressure, equities and the price of commodities could be affected. As stated by McGlone, this pressure is likely to have a ripple effect on both of the above-mentioned goods. This could push the trading value of Bitcoin, Oil, Gold, and goods similar to these to new heights.
Furthermore, he claims that the declining yield on the Treasury long bond will also result in the positive market performance of Gold and Bitcoin.
Why Hasn’t Bitcoin Hit $100,000 in 2021?
“Bitcoin to $100,000 in 2021?” was in the headlines of every crypto-related website. Because of the mass implementation the market has experienced in 2021, people were optimistic about the price of Bitcoin. This optimism was boosted by the price movement of Bitcoin in early November, around the time when Bitcoin set its new all-time high around $68,000.
Yet, the market witnessed a huge correction recently, resulting in Bitcoin dropping to $42,000. This led to many analysts claiming that we might have seen the best Bitcoin had to offer for this year. Currently, Bitcoin is trading at $48,912 per coin and has a market capitalization of $1 trillion.
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