Bloomberg strategist: Bitcoin price to reach $100,000

August 9, 2021


Bitcoin price to reach $100,000

Bloomberg Intelligence senior commodities strategist Mike McGlone has predicted the rise of the first cryptocurrency to the $100,000 mark in a new report.

He noted the strong support for digital gold and Ethereum in recent months and the start of a growth phase for these assets.

"Bitcoin seems to have found support around the $30,000 mark just as it did at $4,000 in early 2019. We see parallels with those events and it appears that bitcoin could well reach $100,000," explained McGlone.

The analyst added that the bulls are preparing for the next move in the cryptocurrency market. He also highlighted that the digital gold rate has been below its 20-week moving average for a long time, suggesting that bitcoin is selling off among "weak" buyers.

"Bitcoin is becoming digital gold in the going world while Ethereum is evolving as a platform for the digitalisation of finance," said a senior strategist at Bloomberg Intelligence.

Recall that in late July, McGlone said the bitcoin price was more likely to return to the $60,000 mark than fall to $20,000.

At the end of March, he predicted the first cryptocurrency would rise to the $400,000 level.

"Bitcoin is becoming digital gold in the going world while Ethereum is evolving as a platform for the digitalisation of finance," said a senior strategist at Bloomberg Intelligence.

Recall that in late July, McGlone said the bitcoin price was more likely to return to the $60,000 mark than fall to $20,000.

At the end of March, he predicted the first cryptocurrency would rise to the $400,000 level.

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