Bitcoin's $100,000 forecast is not yet canceled says Bloomberg's McGlone

Bitcoin on Thursday still fell to the lower border of the flat with support near $47,000 and local resistance near $52,000. And on Friday, despite all the attempts, it still cannot rise higher.

Even the U.S. inflation data, which showed that the CPI rose at the fastest pace in about 40 years, prevented the main cryptocurrency from recovering.

Against this background, the expected scenarios for BTCUSD do not change. Now Bitcoin will either turn up in the corridor or break through its lower border. Consolidation below $47,000 will bring it back into the $40,000 - $42,000 area per coin.

There are about 20 days left until the end of the year. And the likelihood that the $100,000 target will be reached by the end of December is diminishing every day. It will be nice if the main cryptocurrency holds at least 50,000.

Against this background, experts who were expecting a new round record high are beginning to abandon their $100,000 forecasts. And some are already looking forward to reaching that target in 2022.

In fact, predicting the timing of the forecast on the market is a thankless task. Therefore, there is nothing wrong with a delay. The main thing is to track trends and understand targets.

Bloomberg Intelligence Senior Commodity Strategist Mike McGlone tweeted that 2022 will be a good year for Bitcoin and gold. He believes that due to rising inflation, both assets will grow, reaching $100,000 and $2,000, respectively.

According to McGlone, this rising inflationary pressure will also have an impact on the dynamics of commodity assets and stocks. However, this inflation rate could help lift Bitcoin quotes to new heights. Investors, as we've discussed many times before, will flee traditional assets.

"$100,000 for Bitcoin, $50 for oil, $2,000 for gold?" the expert asks.

He also noted that he continued that "peaks in commodity prices and declining long-term Treasury yields indicate risks of a resurgence of deflationary forces in 2022."

The news background on Friday is meager, there is nothing significant for the cryptocurrency. And although everything is clear in terms of technology and it remains only to wait, it is worth paying attention to long-term factors. For example, consider seven drivers for cryptocurrency growth in 2022.