Bloomberg Strategist: Bitcoin’s ‘Unique Phase’ Will Send Its Price To $100,000 In 2022—Meanwhile Ethereum, BNB, Cardano, Solana Prices Tumble

Bloomberg Strategist: Bitcoin’s ‘Unique Phase’ Will Send Its Price To $100,000 In 2022—Meanwhile Ethereum, BNB, Cardano, Solana Prices Tumble

Cryptocurrency prices keep chugging downhill. This week the bitcoin price dipped 2. 3%. The price of ethereum is down 6. 2%. Meanwhile, the BNB price sank 7. 1%, cardano 4. 2%, XRP 5. 1%, and solana 6. 8%. Many analysts are warning the crypto rout is far from over. As central banks are turning off money taps in tandem, investors scramble to sell off risk assets, including crypto. (Learn why monetary tightening hits riskier assets the hardest here) Bloomberg senior commodity strategist Mike McGlone, however, thinks bitcoin will dodge the risk-off selling pressure. In fact, he predicts the bitcoin price will stage a comeback and blow past $100, 000 as soon as this year: "I think it [bitcoin's price] is building a good base here around $40, 000, and I think it's going to take it at that level. It's more likely to accelerate towards $100, 000," McGlone said in a recent interview with Cointelegraph. McGlone's bullish call rests on a "unique phase" bitcoin is undergoing. The analyst argues bitcoin is rapidly transforming from a speculative asset into a store of value, which will differentiate its price action from the rest of the crypto market. "Bitcoin is in a unique