Bloomberg Analysts are Extremely Bullish About Bitcoin

The Bloomberg Intelligence recently published a report on Bitcoin price analysis and expectations for the first quarter of the next year. The report postulates that top coin price projections are encouraging for the bulls during 2022. BI reporters also claimed that the top coin could reach a $100K price point in 2022.

BI strategists claim that for the time being, the Bitcoin prices have entered into the consolidating zone. For the short term, BI opines that Bitcoin prices are going to oscillate between the $40K and $70K levels at the beginning. The report also noted that Bitcoin price movement suffered from a 50% downtrend pressure due to the factors like the Chinese crypto mining exodus.

The report published by the Bloomberg Intelligence panel noted that during the current year, the count of investors creating new positions in Bitcoin has increased. The report also noted that the biggest number of new BTC accumulations was noted in countries like El Salvador, the United States, Europe, and Canada, among others.

The BI strategists claimed that once Bitcoin can break above the resistance of $70K, it can start its rally toward $100K. The analysts at BI made their projections based on the rules of the demand and supply applied on the top coin infrastructure. It is worth mentioning that Bitcoin has a fixed supply which means that the supply is going to keep decreasing while the demand increases.

The report by Bloomberg Intelligence claims that the initial market tightening by the Federal Reserve is a good catalyst for the Bitcoin market. The report further explained that the top coin is headed towards the headwinds push back in case the stock markets experience a small crash at first.

However, when the bond yields start to crumble with the increased price pressure and massive amounts of central bank liquidity seep into the broader financial markets, the crypto market will rave once again. For the long run, BI analysts are bullish for Ethereum, aiming for a $4K market value. However, during Q1, ETH might experience a negative correction.