Bloomberg published its Bitcoin and cryptocurrency January 2022 report. The main theme of the report, written by Bloomberg’s senior commodity strategist Mike McGlone, is “Fighting the Fed”.
In the report, which stated that the risk of facing a very high inflation in the USA in 2022 strengthens the foundations of Bitcoin, it was reminded that the adventure of BNB and Solana, which are among the highest risers of 2021, in the top 5 may come to an end.
The report stated that for 2022, $30,000 in Bitcoin and $2000 in Ethereum are the main support points. The $3,000 bottom analogy of $30,000 in 2018 drew attention.
At this point, it was reminded that the FED’s monetary tightening would cause a decrease in risky assets, while it was stated that Bitcoin could come to the fore in the declines in the stock markets.
“According to the Bloomberg Crypto Index, we see $30,000 in Bitcoin and $2,000 in Ethereum as important. In 2022, we expect cryptocurrencies to dominate the market and continue to move forward. As in 2020, risk avoidance may cause these supports to be broken, but we do not see this as very likely. In our opinion, Bitcoin is moving towards $100,000. On Ethereum, on the other hand, $5000 is an important resistance.
The Fed can raise interest rates to combat high inflation. At this point, the decrease in crypto assets in the category of the most risky assets will facilitate the FED’s fight against inflation. Being a global reserve asset could enable Bitcoin to emerge from this scenario as the primary beneficiary.”
You can access the full report at the link below.
Bloomberg January 2022 Crypto Report: Fighting the Fed