Bitcoin is still consolidating around the $38K-$42K zone, with bulls attempting to push the price higher following the FED’s announcement of a 0.5 percent interest rate hike.
Bitcoin’s price began to rise again above the $40,000 resistance level, testing $41,450. It is currently reversing gains near $41,000, but it might possibly continue to increase towards $42,500.
Here’s a bullish opinion on BTC Price
According to a Bloomberg expert, Bitcoin “may be primed” for a quantum leap in development this year due to inflation.
Mike McGlone, senior commodity strategist at Bloomberg Intelligence, issued a new bullish opinion on Bitcoin’s (BTC) future given current macro conditions in a tweet on March 17.
McGlone, who is well-known for his opinion that Bitcoin will emerge victorious from the recent global financial crises, stated that inflation would help Bitcoin’s “maturation” as an asset class, predicting it would even outperform gold in terms of returns.
“Facing the Federal Reserve, inflation and war, 2022 may be primed for risk-asset reversion and mark another milestone in Bitcoin’s maturation,” he wrote.
The performance of Bitcoin was compared to a basket of macro assets in an accompanying chart. The forecast came after the first of what the Fed implied will be a series of key interest rate hikes, which gave BTC price movement a small but welcome boost.
McGlone, on the other hand, was not alone in his prediction. In his most recent Medium article, Arthur Hayes, the former CEO of derivatives exchange BitMEX, issued a stern warning about what was to come for global financial markets.
Gold could be five figures an ounce in such conditions, which he recognised would play out “over the next decade,” while a single Bitcoin could bring a seven-digit dollar price. His unit is worth millions of dollars for a single Bitcoin and his unit is in the thousands of dollars for an ounce of gold.