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Bitcoin back on track for $100,000
This Wednesday, Bloomberg Intelligence released its monthly report with analyst Mike McGlone’s August cryptocurrency outlook. He came out with a price prediction for Bitcoin that will sound like music in the ears for many.
McGlone sees Bitcoin setting to turn $40,000 into support, stating that “this year is prime for bitcoin to take the next step in its price-discovery stage and we see a refreshed bull market.”
— Mike McGlone (@mikemcglone11) August 4, 2021
He further noted:
Bitcoin appears to have built a base around $30,000 that’s akin to $4,000 at the start of 2019, and we see performance parallels that could get the benchmark crypto back on track toward $100,000.
“The longest period below its 20-week moving average since 2018-19 indicates weak longs have been cleansed within an enduring bull market,”
The analyst also noted on the role ‘true’ scarcity plays.
“What’s changed in about three years is sufficient to sustain more of the same for most of Bitcoin’s history — rising prices. Supply is declining while demand and adoption are rising in most countries that welcome open discourse and free-market capitalism.”
In his monthly outlook. McGlone touched the recent China crackdown on crypto and the increased regulatory efforts by the U.S. government. According to the Bloomberg Intelligence analysts, these developments are all part of Bitcoin’s maturation:
“The increasing dichotomy between China pushing back and the U.S adding clearer rules may mark part of a new and different kind of cold war. Countries restricting capital flows may fall behind in the digitalization process of money and finance.”
The analyst also said:
“Bitcoin and gold are poised to follow the resumed upward trajectory of U.S. Treasury bond prices in 2H … Probabilities are rising that bearish 1H consensus will turn out to be temporary and provide an opportunity for more-enduring bull markets starting from a discount.”
McGlone has been bullish about bitcoin for some time now.
During the first quarter of the year, he shared expectations that Bitcoin will reach a $400,000 valuation this year.
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Author: Peter Siu