Bitcoin still on track to hit $100,000, says Bloomberg strategist

Alex Dovbnya

Bloomberg’s Mike McGlone maintains his bullish price forecast

Mike McGlone, senior commodities strategist at Bloomberg Intelligence, has reiterated that Bitcoin price is on track to hit $100,000.

I fully expect it to be on its way to $100,000.

McGlone does not think Bitcoin will fall well below $30,000 this year, despite severe bearish pressure.

The analyst says Bitcoin is on track to become the global digital reserve asset.

At the same time, McGlone has pointed to a “huge” speculative excess within the cryptocurrency industry.

As reported by U.Today, he recently said that cryptocurrencies like Dogecoin had to go down for blue-chip cryptocurrencies like Bitcoin to shine.

Bitcoin is still in the price discovery process, the expert says. He says the original cryptocurrency is not playing a major role in investors’ portfolios for now, but its adoption is increasing.

At the time of writing, Bitcoin is trading at $38,723 at the time of writing, having soared to nearly $40,000 earlier today.

Bitcoin price is still 43.84% lower than its all-time high recorded in early November.

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