Bitcoin could eventually hit $100,000 in the next bull market according to the Bloomberg analyst Mike McGlone. He said that June and July were very positive months for Bitcoin (BTC) as they have solidified their support bases. In the future, Bitcoin could be headed towards the $100,000 mark.
Analyst Considers Bitcoin Could Hit $100,000
According to Bloomberg analyst Mike McGlone, Bitcoin could hit $100,000 in the next peak of this bull market. In the latest edition of the Bloomberg Galaxy Crypto Index (BGCI) report, he explained that $30,000 became a very important level for Bitcoin. This price region is now strong support for the largest cryptocurrency.
As he said, this could help Bitcoin take the next step in this new and refreshed bull market. Moreover, he stated that the current level of around $30,000 was similar to $4,000 in early 2019. As he explains, there are some parallels that show that Bitcoin could be headed to $100,000.
On the matter, McGlone stated:
“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.”
Additionally, the analyst takes into consideration the 20-week moving average, which shows that longs have been cleansed during this bull market. Moreover, he mentioned that the changes that the market experienced in the last three years are enough to sustain “more of the same for most of Bitcoin’s history – rising prices.”
Bitcoin is also showing that it could become digital gold in the coming years. This comes after massive money printing from governments after the Coronavirus crisis in 2020 and early 2021. Furthermore, the analyst talked about Ethereum (ETH). He mentioned that Ethereum could become the platform for the digitalization of money and finance.
In addition to it, the expert says that the presence of the U.S. dollar is growing in the crypto market through stablecoins. Tether (USDT) and USD Coin (USDC) are the two largest stablecoins currently used by traders in the market.
This is not the first time that Mr. McGlone predicts Bitcoin to move higher or to even reach $100,000. The analyst said that Bitcoin could reach $100,000 back in May this year. At the time of writing this post, Bitcoin is being traded above $43,200.