A new report by Bloomberg published on February 6, 2022, indicates that Bitcoin is poised for further price growth despite starting the year with massive correction.
The Bloomberg Intelligence: Crypto Outlook report states that the shifting demand and supply metric will influence Bitcoin’s possible price surge despite the increasing number of cryptocurrencies.
The document acknowledged that basic economics are against broad price appreciation in an environment of rapid supply growth like the pumps and dumps registered among meme cryptocurrencies.
Additionally, the report notes that despite being a new asset class, the ongoing Bitcoin early adoption and the limited supply are critical catalysts for growth.
