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Bloomberg analysts give bullish Ethereum and Bitcoin price forecast for 2022



The crypto markets are currently still in the downtrend. Total crypto market cap is currently around 23% below its most recent all-time high ($ 3 trillion) on November 9, 2021.


However, Bloomberg analysts are unimpressed. They predict that deflationary digital assets could continue their upward trend into 2022. Analysts at financial news giant Bloomberg believe that deflationary cryptocurrencies like Bitcoin or Ethereum will maintain their upward momentum in 2022.


Mike McGlone, Senior Commodity Strategist at Bloomberg, put forward some forecasts for 2022 in the “Global Cryptocurrencies Outlook 2022 Report ”. Among other things, he stated that analysts expect the regulatory situation in the US to improve in 2022:


"We expect the US to incorporate cryptocurrencies with appropriate regulation in 2022, which will bring associated bullish price implications."


Deflationary elements are good for Ethereum and Bitcoin

The economic strategist went on to say that the “deflationary elements” would be good for the momentum of cryptocurrencies like Bitcoin and Ethereum . This is especially the case if the US Federal Reserve continues to intervene in falling bond yields.


"The fact that cryptocurrencies are showing divergent strengths compared to stocks towards the end of 2021 suggests a possible, sustained outperformance of digital assets in 2022."


The number of newly available Bitcoin is getting smaller and smaller - 90% of all BTC have been mined so far. At the same time, Ethereum is likely to become a deflationary asset in a few months' time if it becomes a proof-of-stake coin on “the merge” . At the current burn rates of over 6,000 ETH per day, Ultrasound.money expects negative growth in the ETH offering of -1.5% after the merge.


McGlone went on to say that fund managers are faced with increasing risks if they cannot show a portfolio allocation in the crypto space. He also claimed that the crypto markets are currently consolidating in a bull market that is expected to last through 2022. In addition, the Bloomberg analysts predict that the Bitcoin price will be in the six-digit range in the next year.


“ Bitcoin seems to be on its way to the $ 100,000 mark. In our opinion, it is more a matter of time before it reaches this mark, largely due to the economic fundamentals of increasing demand and decreasing supply. "


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