The volatile cycle that Bitcoin and the cryptocurrency market have lived through from time immemorial still continues. Perhaps the most important reason for this is that the volatility factor for Bitcoin is quite aggressive. The reason for this is undoubtedly that cryptocurrencies are still very new compared to other investment instruments and currencies.
However, many analysts and investors still maintain their faith in Bitcoin despite all this volatility factor. Mike McGlone, chief commodity strategist at Bloomberg Intelligence, also claimed that BTC will continue to carry bullish momentum next year regardless of temporary price corrections. He stated that BTC will likely find resistance at $100,000, with the $50,000 mark acting as support.
Source: Bloomberg Intelligence
#Bitcoin Bull and $50,000 Support vs. $100,000 Resistance in 2022 –
Bitcoin is approaching 2022 in what we view as simply a bull market. The nascent technology/asset is experiencing increasing adoption vs. declining supply and showing signs of maturation. pic.twitter.com/pyJ5L6l5L0— Mike McGlone (@mikemcglone11) November 19, 2021
On the other hand, in his latest tweet, he stated that Bitcoin is approaching 2022, which he sees as a bull market, and stated that Nascent technology is experiencing an increasing adoption against the decreasing supply and showing signs of maturation. However, BTC, which was traded at $ 59,300 as of the writing of our article, did not prevent the analyst from continuing his bull expectation despite the regression he experienced.
In addition to McGlone, Lark Davis echoed similar optimism in a tweet, stating that he believes the very good uptrend will continue through 2022 with a lot of volatility.
I believe that the #crypto will continue to be very bullish well into 2022, with lots of volatility. After which we see a big bear market, but one that is shallower and much shorter than the 2018 bear.
— Lark Davis (@TheCryptoLark) November 20, 2021
On the other hand, names such as PlanB continue to repeat their price predictions above $ 90,000 until the end of this month.