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According to Bloomberg Intelligence, the price of Bitcoin (BTC) is on course to hit $100k in 2022. The research platform ascribes this to the interplay between demand and supply in the crypto market. As stated by Bloomberg Intelligence:
“Bitcoin appears to be on a trajectory for $100,000. We see it as more of a question of time, notably due to the economic basics of increasing demand vs. decreasing supply.”
In addition, this report comes amid the leading crypto continuing to see increased mainstream acceptance, especially in institutional finance. Because more people are demanding BTC, supply might soon start struggling to keep pace due to Bitcoin’s maximum supply. As a result, this will inevitably increase the value of the digital currency and drive up its price.
Bloomberg Intelligence also reported that BTC currently appears to be in a consolidating market – a trend expected to carry over into 2022. The report also suggested that BTC is ready to finally push past $70K enroute to $100K.
The reason given for this assertion is that the crypto market no longer has the hindrances which caused BTC to decline 50% earlier this year. Furthermore, prominent among such hindrances were the sweeping crackdown on crypto mining and other related activities in China. Another stated reason for BTC’s imminent price surge is the emerging US monetary policy which now seems more Bitcoin-friendly.
