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Bitcoin Likely to Shine vs. Crypto Gaggle in 2022: Bloomberg's Mike McGlone

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Tue, 01/25/2022 - 13:16
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Yuri Molchan
Leading Bloomberg strategist believes that Bitcoin is the only crypto that is likely to reverse its price to the North this year
Bitcoin Likely to Shine vs. Crypto Gaggle in 2022: Bloomberg's Mike McGlone
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Chief Bloomberg commodity strategist Mike McGlone has taken to his Twitter handle to praise Bitcoin and predict a bright future for it this year.

"Bitcoin set to shine vs. the crypto gaggle"

In his tweet, McGlone reminds the audience about the speculative inflationary excess of crypto assets last year, claiming that in 2022, the reversion in crypto prices is likely to spread around.

However, he is positive that Bitcoin is "set to shine versus the gaggle" of cryptocurrencies and stands to come out ahead.

Related
Bitcoin to Hit Between $50K and $100,000, Multiple Correlated Models Say: Perianne Boring

He also points out that, at the moment, Bitcoin is correlated with the S&P 500 Index 1:1.

In November last year, McGlone tweeted that Bitcoin was in for a bull market in early 2022 and would be clenched between $50,000 and the $100,000 resistance. He added that the bull market will be caused by growing demand and declining supply.

He also noted "some brilliance in design" of SHIB and Dogecoin; however, he reckons that Bitcoin will prevail.

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About the author

Yuri is a crypto journalist interested in technology and technical innovations. He has been in crypto since 2017. Believes that blockchain and cryptocurrencies have a potential to transform the world in the future in many of its aspects. ‘Hodls’ major cryptocurrencies and has written for multiple crypto media outlets. 

His articles have been quoted by such crypto influencers as Tyler Winklevoss, John McAfee, CZ Binance, Max Keiser, etc.

Currently Yuri is a news writer at U.Today and can be contacted at yuri.molchan@u.today.