Popular commodity analyst shared his goals about Bitcoin, gold and oil. What awaits the markets?
Fatih UçarAuthor: Fatih UçarReading Time: 2 Minutes
The analyst, whose comments on cryptocurrencies are closely followed, made predictions for Bitcoin, gold and oil. King cryptocurrency finds buyers at $24,000. The inflation data coming today had a significant impact on the rise of cryptocurrencies. US stock markets also opened with a 2% increase due to the inflation data that came below the expectations. Work details.
Mike McGlone, senior commodity strategist at Bloomberg Intelligence, thinks the price of Bitcoin (BTC) will reach six digits. McGlone also expects the oil price to drop to $50 levels for the remainder of the year. The drop in oil price will indirectly affect the performance of cryptocurrencies. The decrease in energy prices, which has a significant weight in the calculation of inflation, will also weaken the hawkish appearance of the Central Banks. Oil, which has reached the level of 120 dollars, has been falling for a while, especially due to the threats of Russia.
Sharing his 2,000 goal for gold, Mike thinks Bitcoin will surpass $100,000.
“It’s a matter of time, $2,000 gold, $100,000 Bitcoin, and crude oil that will drop to $50. The fall in energy prices will increase the value of gold and Bitcoin.”
How Many Dollars Will Bitcoin Be?
The $100,000 estimate is not a first for Mike. In March, the popular strategist said that while the king coin is trading above $40,000, Bitcoin will correct before hitting $100,000. Then, with the Terra bankruptcy, which we all know, the decline of cryptocurrencies gained momentum. The Celsius and 3AC collapse caused Bitcoin to drop as low as $17,622. The largest altcoin, Ethereum, fell to $ 880 in the process.
In the markets that started to recover in July, many altcoins experienced an increase of more than 100%. One of them is Ethereum. The price of ETH, which has climbed up to $ 1.850 today, is also flooded by investors with the excitement of the upcoming merger. The latest JPMorgan report also thinks that with the impact of Terra and the bankruptcies lessening, the upcoming Ethereum merger will now kick off the cryptocurrency bull.
Indicators point to bottoms, many analysts now think the bottom is in sight. However, macroeconomic developments still suppress this optimism. The tension between China and Taiwan, the Ukraine war, increasing inflation on a global scale and many other developments are pushing the central banks, especially the FED, to a hawkish stance.
