Bloomberg analyst Mike McGellon believes that the inflation phase that is likely to occur in the future will lead to the growth of bitcoin and gold.
Mike McGellon believes that lowering the price of risky assets could lead to lower inflation. At this stage, the flagship digital currencies, US bonds and yellow metals will be strengthened.
Reducing the price of high-risk assets in the first half of the year will reduce inflation at breakneck speed. The event will lead to the resurgence of gold, bitcoin and US Treasury bonds.
Increased probability of growth of bitcoin and gold in the second half of 2022
As the cryptocurrencies continued to decline, McGlown predicted that the cryptocurrencies would continue to fall this week. He believes the sharp fall in prices will reduce the Federal Reserve’s tightening of its current stance on contractionary policies.
Last week, a Bloomberg analyst claimed that the $ 20,000 support level could play a similar role to the old $ 5,000 BTC. During the downtrend of 2018, the level of $ 5,000 prevented the price of Bitcoin from falling further for a year. In 2020, this level again became an important support level for BTC; Of course, in 2020, the price violated this area several times, but in the end, it failed to break it.
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Source: dailyhodl