Analyst predicts “refreshed bull market” for Bitcoin, heading towards $ 100,000 – markets and prices Bitcoin News
Bloomberg intelligence analyst Mike McGlone sees a “refreshed bull market” for Bitcoin. When comparing the performance of the cryptocurrency with the beginning of 2019, he stated: “We are seeing performance parallels that could bring the benchmark cryptocurrency back on the path towards 100,000 US dollars.”
Bitcoin back on track towards $ 100,000
Bloomberg Intelligence released analyst Mike McGlone’s cryptocurrency outlook on Wednesday with a price prediction for Bitcoin.
Describing that Bitcoin will convert $ 40,000 into support, McGlone said, “This year is the best year for Bitcoin to take the next step in its pricing phase and we’re seeing a refreshed bull market.”
Bitcoin appears to have built a base of around $ 30,000 at the start of 2019, which is comparable to $ 4,000, and we’re seeing performance parallels that could get benchmark crypto back on track towards $ 100,000 .
“The longest period under its 20-week moving average since 2018-19 suggests that weak longs have been cleaned up in a persistent bull market,” added the analyst. “What has changed in about three years is enough to keep more of it going for most of Bitcoin’s history – rising prices. Supply is decreasing while demand and acceptance are increasing in most of the countries that embrace open discourse and free market capitalism. “
Mike McGlone’s diagram. Source: Bloomberg Intelligence
He noted that the crypto breakthroughs in China and heightened regulatory efforts by the US government are part of the maturation of Bitcoin. “The growing dichotomy between pushing back China and the US introducing clearer rules could be part of a new and different kind of cold war. Countries that restrict capital flows could fall behind when it comes to digitizing money and finance, ”he said.
In addition, the analyst said, “Bitcoin and gold are poised to follow the upward trajectory of US Treasuries in 2H … The likelihood increases that the bearish 1H consensus will prove temporary and provide an opportunity for more permanent bull markets from a discount . “
McGlone has long been optimistic about Bitcoin. The Bloomberg Intelligence analyst said in October last year, “The most important thing about Bitcoin is that I don’t see what could stop it from doing what it has been doing for most of its life, and that’s to be appreciated.”
Last month, he said that “Bitcoin is more likely to return towards a resistance of $ 60,000 against a support of $ 20,000 if the history of the recovery from similar too cold conditions is any indication.”
Meanwhile, a panel of crypto experts has forecast that the price of BTC will soar to $ 318,417 by December 2025. In addition, 54% of them believe that hyperbitcoinization – the moment when bitcoin overtakes global finance – will happen by 2050.
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