Bitcoin Is Going to Reach $100,000: Bloomberg Intelligence

Despite a 30% drop in prices from the highs reached in November, analysts at Bloomberg Intelligence believe that Bitcoin is close to forming a bullish signal and is approaching the $100,000 mark. The report says the fixed supply will support prices in 2022.

“The main question concerning Bitcoin’s performance in early 2022 is whether it can peak or just keep the bullish trend,” – the report said.

Analysts also noted that this year’s corrections made the digital asset more robust and its bullish trend more stable. Bitcoin not only withstood after China’s mining ban but also peaked.

“Bitcoin is steadily moving towards the $100,000 mark. It is rather a matter of time, which is largely due to the growth in demand and the decline in supply,” – the report said.

Further mass adoption of digital currency will lead to an increase in demand. El Salvador’s decision to legalize Bitcoin and the emergence of new exchange-traded funds are examples of this process. According to the report, given that BTC mining is declining and awareness of the asset is skyrocketing, its value is expected to increase and volatility – to decrease.

A more apparent position on cryptocurrency regulation in the US can also enhance its support from investors and spark a surge in demand for the asset. Analysts point out that 2022 will be a turning year in this regard, as Washington seems to clarify its position in Bitcoin and blockchain technology regulation at the legislative level.

The report also states that Bitcoin’s fixed supply, caused by a decline in mining every four years, will help the asset outperform the stock market next year.