Bitcoin (BTC) is holding above $19,000. Despite the decline, Mike McGlone is not budged and is convinced that if the flagship crypto is currently trading at a discount, it will rally to $100,000. Why does he make such a claim?
Bitcoin (BTC) at $100,000, why not?
Senior Commodity Strategist at Bloomberg Intelligence once again lends its support to bitcoin (BTC). As the downtrend continues, he has faith that the most popular cryptocurrency of all time will eventually recover and surpass its previous highs.
Indeed, he estimates that BTC is at its lowest price on a 100-200 week moving average. Based on this data, McGlone predicts that it will trade at $100,000 within five to ten years. The massive adoption of the asset by investors could be the ideal catalyst.
During a recent interview with Stansberry Research, the analyst said bitcoin is being pounded by the Federal Reserve, which is why it is at its lowest price. However, he adds that the queen of crypto will eventually slip into a bull market. As such, it’s only a matter of time before it regains its full glory.
In the same vein, he notes that the flagship crypto only drops after experiencing a significant upside. According to him, the asset is building a base around $19,000. Thus, there is a good chance that he will resume the same pattern as in 2018/19. At the time, BTC was trading at $5,000, then prices went down to $3,000. And now it’s down to $19,000.
Mike McGlone Says Decreasing Supply and Increasing Demand Will Trigger Bitcoin (BTC) Rally. However, remember that several analysts have already made this kind of predictions which ended in failure. However, the analyst Bloomberg seems to know what he is talking about since he believes that BTC is the benchmark.
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