Bloomberg analysts have recently published an in-depth report about the price expectations from Bitcoin for 2022. The report claims that Bitcoin is currently on the path to scoring a $100K price point. The report is not only bullish for Bitcoin for the future but postulates that the current bull run is still far from over.
Bloomberg report discussed the question in detail if the top coin was currently only consolidating or is on its way to put on major gains. According to the report, the recent corrections this year have only made the asset class stronger and proven its stability. The report noted that despite the nationwide Chinese ban, Bitcoin was able to reclaim its original hashrate and even register a new ATH.
According to the report published by Bloomberg analysts, after the current year, more people have started to learn about crypto markets and Bitcoin. The report claimed that independent governments like El Salvador had chosen Bitcoin as their mode of bettering economic conditions. Furthermore, the derivatives markets for Bitcoin have been growing.
With the availability of ETFs, futures, and legal tender in Bitcoin, the chances of national, institutional, and retail investors seeking positions in Bitcoin have increased. The report further explained that while the demand is increasing, due to the intrinsic features of Bitcoin, the supply is going to keep shrinking, which is going to drive price higher for the top coin.
According to the latest report published by the Bloomberg financial analysts, under the circumstances that US Treasury yields are unable to float above 2%, it is sure to give rise to a deflationary environment. Under such circumstances, the price of the top coin is going to rally once again. The report also suggests that Federal Reserve tapering is a positive development for the flagship crypto.
At first, Bitcoin is going to face a transitory setback due to the stock market crash. However, investing interest is going to increase on account of Bitcoin operating as a store of value. Furthermore, the Bloomberg report also recognized that Gold analogue positions are converting into Bitcoin reserves this year at a consistent pace.