According to Bloomberg strategist Mike McGlone, Bitcoin could reach $100k before the end of the year.
McGlone aired his views in Bloomberg’s August crypto outlook, noting that “this year is primed for Bitcoin to take the next step in its price-discovery stage and we see a refreshed bull market.”
Since Bitcoin began crashing in the aftermath of China’s clampdown on crypto mining and trading activities, the flagship digital asset has managed to hold onto the $30,000 price level. However, on July 21, it fell below the benchmark to $29,380 but quickly reclaimed $30,000 on the same day.
McGlone objectively agrees that Bitcoin has established $30,000 as its base price and could easily move from this point upward. He wrote:
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.
Meanwhile, the demand for Bitcoin appears to be on the rise, signaling an end to the bear market. As of press time, the leading crypto was exchanging hands at over $45,000, with Bitcoin sitting on a weekly gain of over 16%.