Bloomberg analyst Mike McGlone says Bitcoin is heading for $100,000 in 2021
While JPMorgan analysts believe the Bitcoin BTC price could tip into a bear market, some analysts are more optimistic about the BTC price for the remainder of 2021.
Mike McGlone, senior analyst at Bloomberg Intelligence, has published his opinion on the outlook for the price of Bitcoin for 2021, an optimistic opinion that points to a Bitcoin price heading more towards $100,000 than $20,000.
Lately, the price of BTC has ranged around $30,000, a threshold that appears to Bloomberg analysts as “Bitcoin on balance in a bull market”.
“$20,000 or $100,000 Next for Bitcoin? The Trend Is Upward – This year has many of the typical earmarks for a strong advance in Bitcoin, and we see the dip toward $30,000 as a discount within a bull market. Supply was cut in 2020, demand and adoption are rising…”he said on Twitter.
$20,000 or $100,000 Next for #Bitcoin? The Trend Is Upward –
This year has many of the typical earmarks for a strong advance in Bitcoin, and we see the dip toward $30,000 as a discount within a bull market. Supply was cut in 2020, demand and adoption are rising… pic.twitter.com/mk5rKeMD25
— Mike McGlone (@mikemcglone11) June 13, 2021
For Mike McGlone, there are signs in 2021 that favor a sharp rise in the price of Bitcoin BTC towards $100,000:
The recent halving of BTC in May 2020 which halved the remuneration of miners, growing demand especially from institutional investors as well as the adoption of cryptocurrencies which is gaining ground.
In recent articles, we mentioned the payment in cryptocurrency which is more and more accepted in real estate transactions such as dj David Guetta who accepts Bitcoin or Ethereum for the purchase of his apartment in Miami Beach.
The title of his graph goes even further by stating that “$100,000 in 2021 is meager by Bitcoin standards”!
A Bitcoin price of $100,000 in 2021 would therefore even be largely undervalued according to Mike McGlone and the Bloomberg Intelligence team.
BTC price corrections are common and can scare many investors and traders, so you need to zoom out to get a clearer view of the Bitcoin price growth prospects.
This is what Bloomberg analysts did and therefore predict a Bitcoin price heading towards the $100,000 level in 2021.
A Bitcoin price that rebounded this Sunday thanks to a tweet from Elon Musk, the BTC price is currently around $39,140 on Kraken.