In a context of extreme volatility in the crypto market, projections on the price of bitcoin are debated. Discussions fueled by the remarkable falls of the flagship crypto in recent weeks.
In short
- Analyst Mike McGlone predicts a bearish scenario for bitcoin, with a potential collapse to $10,000 due to market volatility.
- Thomas Lee of Fundstrat Global Advisors is more optimistic and sees the crypto crossing the $150,000 mark with support from institutional investors.
Bitcoin, towards a bearish scenario at $10,000?
The fervent defenders of bitcoin (BTC) would not be at the end of their troubles. Recently, they had to witness the sinking of their favorite crypto which fell from the $30,000 mark. Currently, the price of bitcoin is valued around $25,000.
According to Mike McGlone, the bleeding is not yet over. The analyst believes the flagship crypto is likely to fall to $10,000. News that could raise the hackles of more than one person knowing the impressive journey of BTC since the start of the year.
This perspective would be essentially linked to the turbulence experienced by the crypto industry. An instability which causes extreme volatility in crypto prices. Dynamics from which bitcoin has so far failed to escape.
Indeed, several times this year, we have seen bitcoin perform spectacularly and rise to $30,000. A level from which it quickly fell in a context of instability in the crypto market.
That being said, the possibilities of witnessing a new BTC crash are not lacking in relevance. Still, McGlone maintains a surprisingly optimistic outlook. A potential drop in BTC to $10,000 would not mean the end of the queen of cryptos.
It is true, recognizes the expert, that faced with such a drop, holders of short-term securities could panic. Just like some long-term investors. That said, the long-term outlook for bitcoin remains positive.
A promising upward trajectory for the asset
Thomas Lee, the founder of Fundstrat Global Advisors, agrees with Mike McGlone regarding the outlook for the price of bitcoin. The boss of this investment research and advisory company sees assets explode to $150,000. A figure that it could even exceed by the end of next year.
This optimistic outlook is based on several factors. Notably, there is the growing adoption of bitcoin by institutional investors. A dynamic reinforced by the potential approval of spot Bitcoin ETFs.
This week, Grayscale reinforced the projections made in this direction by winning a key victory against the SEC. The latter was forced to review its position regarding its refusal to allocate a Bitcoin Spot ETF. A signal for sustained adoption of BTC?
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