All cryptocurrency enthusiasts carefully follow crypto prices and news. However, one in particular captures attention, bitcoin (BTC). If the current course is far from happy everyone, Mike McGlone thinks that the trend could soon be reversed.
Bitcoin at 100,000 dollars, McGlone does not budge!
Bitcoin (BTC) price predictions are going strong. Indeed, many analysts have already speculated on the historic recovery of the main cryptocurrency. If so far the bitcoin continues to oscillate between green and red, Mike McGlone remains convinced that it will soon reach 100,000 dollars.
Senior Commodity Strategist at Bloomberg sticks to his position. According to him, the price of oil will continue to fall in the second half of 2022. As a result, the US Federal Reserve should lower interest rates. According to a survey by the Federal Reserve Bank of New York, inflation expectations are falling in the United States.
These various macroeconomic factors could lead to an increase in the price of gold. Thus, according to a tweet by Mike McGlone, bitcoin could follow the trend of gold and see its price increase in the coming months.
The price of BTC drops
After hovering around $24,000, the price of bitcoin is once again falling. Currently, the indicators are red and prices have fallen by 2.41% in the last 24 hours. However, the recent rise in the price of BTC has pushed the market capitalization of all cryptocurrencies to over $1 trillion. Nevertheless, despite the recent fall, McGlone keep on going to believe in the recovery of bitcoin.
Recall that this is not the first time that the analyst has given his opinion on the course of the first crypto. Indeed, he had already predicted that BTC would be trading at $100,000 by the end of 2021. However, nothing went as planned as it lost more than 50% of its value, and fell to $17,600 in June.
Despite failed predictions and the current price of bitcoin, commodity analyst Mike McGlone sticks to his optimistic estimate. Indeed, market data is quite positive and the Federal Reserve is well on its way to cutting rates. As a result, there is a strong probability that this time he will be right.
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