Whole crypto market crashed thus most tokens are dipping in price which seems to be the depressing start of the year. Despite the fact of market crackdown the analyst from Bloomberg Intelligence states that BTC and ETH wil head towards $100K and $5k respectively in 2022. The mainstream cryptocurrencies are likely to hit gains achieving new all-time high this year.
The tightened regulations from the Federal Reserve might be the reason for greater inflations in price levels. Besides, the analyst predicted that BTC, ETH, and US-pegged stablecoins will continue to maintain dominance in 2022. Accordingly, a crypto supporter, Dennis Porter have also shared a post in Twitter regarding the dominance of BTC in 2022.
Bloomberg: #Bitcoin will reach $100k in 2022 and maintain its dominance.
— Dennis Porter (@Dennis_Porter_) January 9, 2022
Expectations for Fed rate increases in 2022, thus might promote a “win-win scenario” for Bitcoin over the stock market. Consequently, BTC seems to move upward and would generate more gains while the analyst says that “first born is swiftly migrating toward becoming the world’s digital reserve asset”.
BTC Will Rise Over 50% In 5 Years
As per the analysts, BTC will hit nearly $100K by the end of 2022 while ETH will hit $5K. Moreover, the analyst predicted in December 2021 that BTC and gold would perform well in 2022 hitting $100,000 and $2,000 respectively.
According to Goldman Sachs co-head of global FX and EM strategy Zach Pandl, BTC would rise over 50% of the store of value market share in the next five years. Besides, as a result of gold market share growing, BTC price value will also increase to $100,000. Currently, the trading price of Bitcoin is $41,724 while it is over 11% down for the past week.
Furthermore, BTC began to fall after the Fed’s December FOMC meeting on Wednesday. The meeting revealed that the regulator was committed to tightening monetary policy in 2022. The market has also shrunk as a result of internet outages in Kazakhstan, which have been accompanied by anti-government rallies.
The post has appeared first on thenewscrypto.com