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