Bitcoin (BTC) has been around for almost 14 years. It has grown exponentially so far, although there have been extreme downturns. Most traditional financial assets have failed to experience such growth, even though they existed long before Bitcoin. Recently, Mike McGlone, an analyst with Bloomberg Intelligence, indicated that bitcoin may soon become part of the mainstream financial system.
Bitcoin is going towards an unstoppable maturation
According to a publication on Mike McGlone’s Twitter on October 19, bitcoin (BTC) has a “appreciation benefit“. “Bitcoin could be entering an unstoppable maturation phase. […] The fact that bitcoin did not exist in October 2007, when crude oil first reached its current level of $84 a barrel, may indicate the nascent technology’s appreciation advantage.said the Bloomberg strategist.
For Mike McGlone, the price movement of bitcoin (BTC) in the fourth quarter of 2022 indicates a future phase of maturation. The analyst still maintains that there are signs of bottoming in the bitcoin (BTC) market. He expects, in the short term, a correction in the market for the largest crypto by market capitalization.
However, the Bloomberg strategist also expects a rally in the bitcoin market. He predicted that the flagship crypto could manage to be worth up to $100,000.
It could all come down to the second half of 2022
McGlone acknowledged that cryptocurrency volatility has weakened despite the recent rise in US interest rates. This decrease is such that the flagship crypto has managed to beat traditional asset classes like the Dow Jones Index.
Furthermore, the strategist’s analysis demonstrates that BTC’s status as a risky asset could play out in the second half of 2022. It could be that this crypto (nicknamed digital gold) comes to mimic assets such as gold. physical gold.
Bloomberg Intelligence analyst Mike McGlone believes that BTC will inevitably eventually enter a maturing phase. He expects a rally in the Bitcoin market in the long term, although in the short term he predicts a correction. It must be said that bitcoin (BTC) has remained a benchmark in the crypto sector despite a massive correction in 2022. Moreover, it still has one of the most significant market capitalizations on the financial market.
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