Bitcoin (BTC) remains at the center of attention as Bloomberg Intelligence’s senior macro strategist, Mike McGlone, reiterates his prediction of the top crypto reaching $100,000. However, he cautions that the journey to this six-figure milestone may take work.
During a recent interview with renowned crypto influencer Scott Melker, McGlone expressed his unwavering belief in Bitcoin’s potential to achieve a six-figure price.
Yet, he did raise a red flag, suggesting that the king crypto might encounter a significant setback along the way, possibly causing its value to dip below the $20,000 mark temporarily before surging toward the much-anticipated $100,000 level.
Mike Mclone’s Bullish Stance Explained
McGlone’s bullish stance on BTC’s future stems from several fundamental factors contributing to the cryptocurrency’s remarkable growth over the years. One crucial element is the scarcity of Bitcoin, as only 21 million coins will ever exist, creating a sense of digital gold and a hedge against inflation.
Additionally, the increasing institutional interest and adoption of Bitcoin and its growing acceptance as a legitimate asset class have bolstered McGlone’s confidence in its long-term potential.
While McGlone’s overall prediction is optimistic, he acknowledges the possibility of a significant setback on the crypto’s path to $100,000. The cryptocurrency market is known for its inherent volatility, and Bitcoin is no exception.
BTC trading at $29,156 on the daily chart: TradingView.com
External factors such as regulatory changes, market sentiment shifts, or unexpected macroeconomic events can cause significant price fluctuations. In this regard, the crypto analyst warns that Bitcoin may experience a temporary dip below $20,000 before resuming its ascent.
McGlone closely monitors market sentiment, which influences short-term price movements. Positive news, developments, and institutional endorsements can drive significant surges, while negative sentiment or regulatory uncertainty may trigger sharp corrections.
Bitcoin Above $120,000
Meanwhile, Geoff Kendrick, an analyst from Standard Chartered, has recently unveiled highly optimistic predictions for Bitcoin, suggesting the digital currency could surge above the impressive price point of $120,000.
In an interview with Insider, Kendrick shed light on miners’ crucial role in shaping Bitcoin’s price trajectory. Traditionally, miners have been known to sell some of their mined Bitcoins to cover operational costs. However, the situation is evolving as the crypto’s value continues to rise.
With the industry’s past debt struggles gradually fading away, miners are becoming less inclined to part with their Bitcoin holdings, leading to reduced selling pressure in the market.
The increase in BTC price catalyzes a positive feedback loop. As miners hold onto more tokens, the reduced selling activity contributes to a supply shortage, which can further drive up the price. This trend creates a reinforcing cycle that propels Bitcoin’s value even higher.
Source: Coingecko
Meanwhile, figures from crypto market tracker Coingecko show the current price of BTC stands at $29,133.47, reflecting a 2.1% decrease in the last 24 hours and a 3.6% decline over the past seven days.
Featured image from YouTube
