Digital Assets: Bloomberg’s Mike McGlone Charts $100K Path For Bitcoin

September 3, 2021 | Digital Assets, News, Special Reports
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Crypto-assets appear in a revived and refreshed bull market, the analyst writes.

Senior Bloomberg Commodity Analyst Mike McGlone weighs in with a very bullish prognosis for crypto-assets in the September edition of Bloomberg’s Crypto Outlook 2021. Considering cryptos such as bitcoin and ethereum are lifting off in the second half of the year from levels representing a steep discount to previous highs, McGlone sees bitcoin and ethereum heading to $100,000 and $5,000 respectively.

McGlone: Key factors justifying a $100K price target for bitcoin

  • The probability is higher that cryptos will resume their uptrend rather than breach lows given that bitcoin and ethereum have corrected over 50% and formed good bases of support within enduring bull markets
  • Increasing demand and adoption are facing diminishing supply
  • The crypto market is a revolution in money and finance in its early days
  • Avoid the lower probability exercise of trying to pick peaks
  • Rising quantitative easing and debt-to-GDP levels could trigger further advances in price of assets such as gold and bitcoin
  • In terms of market capitalisation, provided its current pace of 2021 appreciation stays the same versus bitcoin, ethereum could wrest the number one spot from bitcoin towards the end of 2022
  • Interestingly, McGlone put forward the thesis that bitcoin could get to $ 100,000 by following in the wake of ethereum’s upward momentum (up about 300 percent in 2021 to August 6) given last year’s supply cut
  • The analyst believes bitcoin is the digital future. “The first-born crypto may have solved the age-old problem of a global reserve asset that is easily transportable and transactionable, has 24 x 7 price discovery, is relatively scarce and is nobody’s liability or project.”

Related Story: Bitcoin Is Back Above $50K

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