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.
He also points out that, at the moment, Bitcoin is correlated with the S&P 500 Index 1:1.
#Cryptos Gone to the Dogs? #Bitcoin Set to Shine vs. the Gaggle - Price reversion in cryptos is likely to spread in 2022, after the assets were a poster child of speculative inflationary excess in 2021, but Bitcoin stands to come out ahead. Correlations are heading toward 1-to-1 pic.twitter.com/lxkXzo8Tq9— Mike McGlone (@mikemcglone11) January 25, 2022
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.