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Breaking News: Coinbase Confirms DOJ Investigation Following Major Security Incident

Why Bitcoin At $100K Is Just A “Matter Of Time”, Says Bloomberg Intelligence

Reynaldo Marquez
Reynaldo Marquez
1 year ago
2 mins read
Bitcoin price

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Bitcoin follows what Senior Commodity Strategist for Bloomberg Intelligence, Mike McGlone, calls an “enduring trajectory”. The benchmark crypto is one of the best-performing assets in history, as the expert said in a recent report, and might be on track to record fresh gains in the second half of 2022.

Related Reading: Has Bitcoin Price Found Support At A Decade-Long Trend Line?

At the time of writing, BTC’s price trades at $23,900 with a 3% profit over today’s trading session and a 2.4% profit over the past week. The cryptocurrency seems to be trending upwards on the back of a decrease in inflationary expectations for July’s Consumer Price Index (CPI) print.

Bitcoin BTC BTCUSDT
BTC’s price with important gains on the 4-hour chart. Source: BTCUSDT Tradingview

This metric has been recording multi-decade highs forcing the U.S. Federal Reserve (Fed) to take measures by decreasing its balance sheet and hiking interest rates. Thus, creating a hostile economic environment for risk-on assets, such as Bitcoin and equities.

The cryptocurrency might benefit from deflationary forces, McGlone believes. Bloomberg’s Commodities Index, and the price of key commodities, such as Oil and Copper, are hinting at this trend.

In that sense, the experts expect assets with fixed supplies to rally. This could set Gold and Bitcoin to hit $2,000 and $100,000, respectively, in the long term.

McGlone believes that the benchmark crypto is becoming a more stable, and less risky asset. This could translate into BTC operating as a “high-beta version of the metal (Gold) and Treasury bonds”.

The price of Bitcoin and Gold might start “accelerating”, the report says, if the West Texas Intermediate (WTI) oil, a benchmark for oil pricing, follows the downside trend in commodities. McGlone wrote:

It’s a question of supply, demand and adoption in the next 14 years that should drive prices, and we see little reason to complicate what appear to be enduring trajectories, notable in advancing technology (…).

The Other Side Of The Coin, Why Bitcoin Could Sustain Its Gains

As seen below, the price of WTI oil broke above an important resistance level in 2021. McGlone noted that the price of Gold and oil have been historically inversely correlated.

Related Reading: Glassnode: Bitcoin Long-Term Holders Have Shifted To Distribution Recently

Thus, why he seems convinced that oil is hinting at appreciation for the precious metal and its 2.0 version, Bitcoin. The Bloomberg Intelligence expert said:

Our bias is tilted toward more of the same pendulum (Oil down with Gold rising) swinging tendency for oil to continue downward in 2H. To the extent that sinking copper portend global deflationary trends and the potential for an end of Fed rate hikes, gold should gain underpinning to breach $2,000 an ounce.

Bitcoin BTC BTCUSDT
Source: Mike McGlone via Twitter
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Reynaldo Marquez
Reynaldo Marquez

Reynaldo Marquez

A literature major, Reynaldo Márquez has been deeply immersed in the crypto industry since 2017. His journey began with translating articles for various crypto news outlets, a role he took on with zeal. In 2018, amidst a challenging market, he embraced his first writing assignment, demonstrating his unwavering commitment to the nascent industry and the promise of change it bears for many people worldwide.
In March 2021, he joined the prestigious crypto news outlet NewsBTC and Bitcoinist, where he not only reported on the latest crypto news but also had the privilege of interviewing some of the industry's most influential figures. A year later, his dedication and hard work were recognized, and he was promoted to Managing Editor, a position he currently holds with pride.
He believes in honesty, good communication, hard work, and the power of cryptocurrency and its potential to transform people's lives, especially those alienated by the legacy financial system. Born in 1992 in Venezuela, Reynaldo is familiar with how governments and central banks can negatively affect people, their everyday lives, and their futures by creating inflation and erasing their hopes for a better future. Thus, like many Venezuelans, he embraced this new technology to help him and his family navigate difficult times.
In another life, Reynaldo would have pursued a career as an investigator, most likely tracking down the origins of the Cyberpunk movement with the publication of William Gibson’s ‘Neuromancer.’ The intersection between fiction and reality, with the materialization of Bitcoin in 2009, would have allowed him to dive deep into the crypto sphere as something more than a financial phenomenon but also a cultural shift in society that was brewing since the XX century, and maybe even sooner, in the XIX century with the publication of Henry David Thoreau’s ‘Civil Disobedience.’
But that’s for another life. In this one, Reynaldo has been trading to improve his trading skills. Since 2023, he has been trying to learn Python to create successful strategies and find ways to execute them. It is a difficult task, which continues to keep him busy today and will most likely continue to keep him busy in the near and long term.
In his free time, he enjoys lifting heavy objects, reading, watching movies, and listening to his favorite music. Some of his favorite authors are Walt Whitman, William Faulkner, Allen Ginsberg, James Baldwin, Raymond Carver, Ray Bradbury, George Orwell, Mario Vargas Llosa, Reinaldo Arenas, Rafael Cadenas, and many others. Lately, he has been primarily interested in reading about dystopic societies, a topic that deeply resonates with the crypto industry.
Since 2023, he has lived in Spain with his wife. He loves the weather, the food, and the people and their culture. They both expect to travel much more within the country they now call home and beyond its border. He hopes to retire with his wife, maybe in a quiet place near a beach, but most likely in a city close to a library and a university with his kids and, hopefully, grandkids.

Disclaimer: The information found on NewsBTC is for educational purposes only. It does not represent the opinions of NewsBTC on whether to buy, sell or hold any investments and naturally investing carries risks. You are advised to conduct your own research before making any investment decisions. Use information provided on this website entirely at your own risk.

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Reason to trust

Strict editorial policy that focuses on accuracy, relevance, and impartiality
Created by industry experts and meticulously reviewed
The highest standards in reporting and publishing
How Our News is Made

Strict editorial policy that focuses on accuracy, relevance, and impartiality

Ad discliamer

Morbi pretium leo et nisl aliquam mollis. Quisque arcu lorem, ultricies quis pellentesque nec, ullamcorper eu odio.

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NewsBTC is a cryptocurrency news service that covers bitcoin news today, technical analysis & forecasts for bitcoin price and other altcoins. Here at NewsBTC, we are dedicated to enlightening everyone about bitcoin and other cryptocurrencies.

We cover BTC news related to bitcoin exchanges, bitcoin mining and price forecasts for various cryptocurrencies.

Disclaimer: The information found on NewsBTC is for educational purposes only. It does not represent the opinions of NewsBTC on whether to buy, sell or hold any investments and naturally investing carries risks. You are advised to conduct your own research before making any investment decisions. Use information provided on this website entirely at your own risk.

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