Mike McGlone, chief commodity strategist at Bloomberg Intelligence, expects bitcoin to reach $100,000
By 2025, he says he expects the cryptocurrency market to thrive as a "refreshed bull market."
Popular trader Credible Crypto shares McGlone's bold outlook. Last month, Credible Crypto published an updated forecast of Bitcoin's price trajectory, noting that BTC is at the right level in its valuation, McGlone says the strong reversal of Bitcoin is just beginning. The current downward market reflects the most dramatic inflation over the past four decades.
Bitcoin was seen restoring its outperformance trajectory
- However, he emphasized that once the bear market ends, bitcoin will rise dramatically and become the world's most valuable asset.
- McGlone explained: "I expect Bitcoin to be the first asset to resume the outperformance path."
- As an increasing number of votes warn of a significant decline in BTC/USD, upward views remain limited in the long term due to macroeconomic factors.
Bitcoin had a difficult start to the year, but analysts still believed it would reach $100,000; It's a matter of time, not whether they say.
- Despite recent price declines
- many market watchers still hope that encryption
- will soon exceed the $100,000 threshold
- albeit with differing views on when this will happen.
Deutsche Bank survey shows BTC to reach $ 100 thousand
A recent study by Deutsche Bank revealed that nearly 25 per cent of bitcoin investors expect the cryptocurrency to exceed $ 100 thousand in five years.
McGlone also weighed in on the world's largest cryptocurrency's recent shift in sentiment. He was asked why he had become a riskier asset after acting as long as he was a safe hedge against inflation.
The Bloomberg analyst responded to the question by saying that this rise is just the "maturity" of modern technology and assets.
He notes that bitcoin fluctuations over 260 days are comparable to those of Tesla and Amazon in 2009 and gold in 1980.
Goldman Sachs shares Deutsche Bank outlook
- Speaking of gold, Goldman Sachs Group expects Bitcoin to continue to acquire market share of precious metal as a result of increased use of encrypted assets
- making it possible to predict the much-cited price of $100,000.
- The CEO of crypto finance company Nexo expects BTC to reach $100,000 within a year, three years ahead of Glone's forecast.
Anthony Trenchev told CNBC he believes the most sought-after cryptocurrency will exceed $100,000 "in a year."