Bitcoin follows what Senior Commodity Strategist for Bloomberg Intelligence, Mike McGlone, calls an “enduring trajectory”. The benchmark crypto is one of the best-performing assets in history, as the expert said in a recent report, and might be on track to record fresh gains in the second half of 2022. Related Reading: Has Bitcoin Price Found Support At A Decade-Long Trend Line? At the time of writing, BTC’s price trades at $23,900 with a 3% profit over today’s trading session and a 2.4% profit over the past week. The cryptocurrency seems to be trending upwards on the back of a decrease in inflationary expectations for July’s Consumer Price Index (CPI) print. This metric has been recording multi-decade highs forcing the U.S. Federal Reserve (Fed) to take measures by decreasing its balance sheet and hiking interest rates. Thus, creating a hostile economic environment for risk-on assets, such as Bitcoin and equities. The cryptocurrency might benefit from deflationary forces, McGlone believes. Bloomberg’s Commodities Index, and the price of key commodities, such as Oil and Copper, are hinting at this trend. In that sense, the experts expect assets with fixed supplies to rally. This could set Gold and Bitcoin to hit $2,000 and $100,000, respectively, in the long term. McGlone believes that the benchmark crypto is becoming a more stable, and less risky asset. This could translate into BTC operating as a “high-beta version of the me...
