Bloomberg analyst Mike McGlone has revealed he believes both Bitcoin and Ethereum are “discounted bull markets” that solidified their support bases in June and July, and could resume their upward price trajectories in the near future, with $100,000 being in play for BTC.
In the latest edition of the Bloomberg Galaxy Crypto Index (BGCI) report, McGlone wrote that bitcoin is turning the $40,000 mark into support and that this year is “prime for Bitocin to take the next step in its price-discovery stage” in a “refreshed bull market.” McGlone added:
Bitcoin appears to have built a base around $30,000 that’s akin to $4,000 at the start of 2019, and we see performance parallels that could get the benchmark crypto back on track toward $100,000.
Per the analyst, BTC’s long period below its 20-week moving average indicates “weak longs have been cleansed within an enduring bull market,” and added that “what’s changed in about three years is sufficient to sustain more of the same for most of Bitcoin’s history — rising prices.”
Bitcoin price could rise, he said, because while supply is declining, demand and adoption “are rising in most countries that welcome open discourse and free-market capitalism.” The analyst said that China cracking down on cryptocurrencies while the U.S. adds clearer rules could bode well for BTC and the U.S. dollar.
McGlone added there are broader bullish underpinnings in the crypto market, saying:
Bitcoin is becoming digital gold in a world going that way, while Ethereum is the go-to platform for the digitalization of money and finance.
He added that the U.S. dollar’s presence is growing in the cryptocurrency market through the form of stablecoins, and that currencies from countries antagonistic to the dollar “have almost o trading presence via digital tokens.” He predicting bitcoin and hold are “poised to follow the resumed upward trajectory of U.S. Treasury bond prices in 2H.”
Back in November 2020 McGlone, who’s long been bullish on bitcoin, accurately predicted the price of the cryptocurrency would surpass the $20,000 mark. The analyst’s $100,000 price prediction came earlier this year, and he has been maintaining it even after BTC’s price plunged more than 50% from its all-time high.
The views and opinions expressed by the author, or any people mentioned in this article, are for informational purposes only, and they do not constitute financial, investment, or other advice. Investing in or trading cryptoassets comes with a risk of financial loss.
Featured image via Pexels