Bitcoin’s “refreshed bull market” could reach $ 100,000, says Bloomberg analyst

Bloomberg analyst Mike McGlone has announced that he believes both Bitcoin and Ethereum are “discounted bull markets” that cemented their support base in June and July and could continue their upward trajectory in the near future, with $ 100,000 in BTC im Game are.

In the latest issue of the Bloomberg Galaxy Crypto Index (BGCI) report, McGlone wrote that Bitcoin is converting the $ 40,000 mark into support and that this year “is primarily for Bitocin to take the next step in its pricing phase” in one “Bull market refreshed.” McGlone added:

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 .

According to the analyst, the long period of BTC below its 20-week moving average suggests that “weak longs have been cleaned up within an ongoing bull market,” adding that “what has changed in about three years is enough to do more of it to maintain for most bitcoins ”. History – rising prices. “

Bitcoin price could go up, he said, because as supply declines, demand and acceptance increase “in most countries that embrace open discourse and free market capitalism”. The analyst said China, cracking down on cryptocurrencies while the US adds clearer rules, could bode well for BTC and the US dollar.

McGlone added that there is broader bullish fundamentals in the crypto market, saying:

Bitcoin is becoming digital gold in a world that is heading in this direction, while Ethereum is the platform for the digitization of money and finance.

He added that the presence of the US dollar in the cryptocurrency market is growing through the form of stablecoins and that currencies from countries facing the dollar “have almost no trading presence through digital tokens”. He predicts that Bitcoin and Hold will be “ready to follow the uptrend in US Treasury bond prices in 2H”.

Back in November 2020, McGlone, who has long been optimistic about Bitcoin, accurately predicted that the price of the cryptocurrency would exceed the $ 20,000 mark. The analyst’s price prediction of $ 100,000 came earlier this year and he has held it even after the price of BTC fell more than 50% from its all-time high.

The views and opinions of the author or the persons mentioned in this article are for informational purposes only and do not constitute financial, investment or other advice. Investing in or trading in crypto assets carries the risk of financial loss.

Featured image via Pexels

Comments are closed.