Analysts: Deflation will fuel bitcoin's rise to $100,000 next year

Mike McGlone, Bloomberg's senior commodities strategist, said in a cryptocurrency market outlook report last week that bitcoin will rise in 2022 when deflation is likely to make a comeback as commodity prices top out and long-end yields on U.S. Treasuries fall.

He predicts that bitcoin could rise as high as $100,000 next year. He believes that it is only a matter of time before bitcoin rises to $100,000, catalyzed by two factors: increased market demand and reduced bitcoin supply.

For ethereum, he expects a new bull market to be possible as well. He gives a price range of between $4,000-$5,000 for an ethereum bull market.