Monday, June 27, 2022
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PlanB States His Target Market Cap for Bitcoin (BTC) Amid Market Downturn

The whole crypto market, led by Bitcoin (BTC), has been experiencing steady turbulence over the past few months. Although many people have lost faith in the flagship cryptocurrency, PlanB, a popular crypto strategist and trader, is optimistic about the trend of the digital currency.

PlanB, in a recent viral tweet, stated that Bitcoin is only halfway into the current bull cycle. According to the analyst, this bull cycle is expected to last till 2024. He said his eyes are set on a $10 trillion market cap for the largest cryptocurrency.

Read Also: US Banking Giant Goldman Sachs Predicts $100,000 Bitcoin Price

Captioning an illustrative chart, PlanB tweeted, “I know some people have lost faith in this bitcoin bull market. However we are only halfway into the cycle (2020-2024). And although BTC experiences some turbulence at $1T, the yellow gold cluster at S2F60/$10T (small black dots are 2009-2021 gold data) is still the target IMO.”

Read Also: Customers of Italy’s Best Private Bank Banca Generali Will Be Able to Buy and Sell Bitcoin in 2022

Mike McGlone Says Bitcoin (BTC) and Ethereum (ETH) Are Primed To Surge in 2022

Mike McGlone, Bloomberg’s senior commodity strategist, thinks both Bitcoin (BTC) and Ethereum (ETH) are primed to surge in 2022 despite the crypto market’s recent struggles.

In a new analysis, Mike McGlone says both Bitcoin (BTC) and Ethereum (ETH) have solid bases to build on. He predicts they will remain dominant among cryptocurrencies in 2022, with Bitcoin moving toward $100,000 and Ethereum breaching $5,000.

McGlone thinks Bitcoin is in a “consolidating bull market” and predicts the US Federal Reserve’s new policies will actually be beneficial for BTC.

Federal Reserve officials have recently indicated they plan to scale back asset purchases and raise interest rates next year in an effort to fight inflation.

Read Also: Man Returns Home to Learn That his Mother Threw Away Damaged Laptop on which He Had Saved his $557 Million Worth of Bitcoin

Mike McGlone noted,

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“Expectations for Federal Reserve rate hikes in 2022 may support a win-win scenario for Bitcoin vs. the stock market… A reason to take back liquidity is the fact that the S&P 500 is the most extended above its 60-month moving average in over two decades.

“Stretched markets have become common, but commodities and Bitcoin appear to be early reversion leaders. It’s a question of bull-market duration, and we see the benchmark crypto coming out ahead.”


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Solomon Odunayo
Solomon Odunayo
Solomon Odunayo is a cryptocurrency journalist with over 3 years of experience in the crypto industry. He's sternly interested in covering developments of emerging and established blockchain projects.
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