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Bloomberg Intelligence analyst Mike McGlone sees “a refreshed bull market” for bitcoin. Comparing the performance of the cryptocurrency at the start of 2019, he explained, “we see performance parallels that could put the benchmark crypto back on track towards $ 100,000.”
Bitcoin back on track to $ 100,000
Bloomberg Intelligence released analyst Mike McGlone’s August cryptocurrency outlook on Wednesday with a price prediction for bitcoin.
McGlone described Bitcoin on the verge of turning $ 40,000 into support, stating that “This year is ideal for Bitcoin to take the next step in its price discovery phase and we are seeing a renewed bull market.” He further explained:
Bitcoin appears to have built a base of around $ 30,000, which equates to $ 4,000 at the start of 2019, and we are seeing performance parallels that could put the benchmark crypto back on track towards $ 100,000.
“The longest period below its 20-week moving average since 2018-19 indicates that weak long positions have been cleaned up in a sustainable bull market,” the analyst added. “What has changed in about three years is enough to keep the same for most of Bitcoin’s history – the price hike. Supply is decreasing while demand and adoption are increasing in most countries that welcome open discourse and free market capitalism. “
He noted that China’s crypto crackdown and increased regulatory efforts by the U.S. government are part of bitcoin’s maturation. “The growing dichotomy between pushing back China and the United States adding clearer rules may mark part of a new and different kind of cold war. Countries restricting capital flows may fall behind in the process of digitizing money and finance, ”he said.
Further, the analyst said: “Bitcoin and Gold are poised to follow the resumption of the upward trajectory of US Treasury bond prices in 2H… The odds are increasing that the 1H bearish consensus is on the rise. will prove temporary and provide an opportunity for more lasting bull markets.
McGlone has long been bullish about bitcoin. The Bloomberg Intelligence analyst said in October of last year: “The key thing about bitcoin is that I don’t see what will stop it from doing what it has been doing for most of its life, and it is appreciable. “
Last month he said that “Bitcoin is more likely to return to $ 60,000 resistance against $ 20,000 support if its history of recovery from similar too cold conditions is any guide.”
Meanwhile, a panel of crypto experts predicted that by December 2025, the price of BTC will reach $ 318,417. Additionally, 54% of them believe that hyperbitcoinization – the time bitcoin overtakes global finance – will happen by 2050.
Do you agree with Mike McGlone? Let us know in the comments section below.
Image credits: Shutterstock, Pixabay, Wiki Commons
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