Bloomberg Intelligence senior commodity strategist Mike McGlone, in a new report, forecast Bitcoin to reach $100,000.<\/p>\n
He pointed to robust support for digital gold and Ethereum in recent months and the onset of a growth phase for these assets.<\/p>\n
\n\u201cBitcoin seems to have found support near $30,000 in the same way it did at $4,000 in early 2019. We see parallels with those events, and it appears Bitcoin could reach $100,000,\u201d McGlone said.<\/p>\n<\/blockquote>\n
The analyst added that the bulls are preparing the next move in the crypto market. He also noted that the price of digital gold had lingered below the 20-week moving average for some time, which points to a sell-off of Bitcoin among \u201cweak hands\u201d.<\/p>\n
\n\u201cBitcoin is becoming digital gold in a world moving in this direction, while Ethereum is developing as a platform for the digitization of finance,\u201d the senior Bloomberg Intelligence strategist said.<\/p>\n<\/blockquote>\n
In late July, McGlone said that the price of Bitcoin is more likely to return to the $60,000 level<\/a> than to fall to $20,000.<\/p>\n
In late March he forecasted<\/a> Bitcoin’s price to reach $400,000.<\/p>\n
1267019 Crypto August2021Outlook<\/a> by ForkLog<\/a> on Scribd<\/p>\n