• Bloomberg Intelligence’s senior strategist Mike McGlone believes that Bitcoin (BTC) is forming the right set-up to reach $100,000.
• The digital currency currently has enough fundamental backing to chart its growth curve and is trading for around $26,740.60.
• While no one can tell for certain what the price will be in the future, many in the digital currency ecosystem believe this price target is a very mild and achievable goal for the asset.
What Is Bitcoin?
Bitcoin (BTC) is the world’s largest digital currency by market capitalization and is used to measure the level of evolution of the broader cryptocurrency ecosystem. At present, it is trading at around $26,740.60.
Bloomberg Analyst’s Thoughts On Bitcoin Reaching $100K
Bloomberg Intelligence Senior Macro Strategist Mike McGlone believes that Bitcoin has enough fundamental backing to chart its growth curve toward reaching a price point of $100,000. He based his assumptions on the forthcoming Halving event toward the second quarter of 2024 and noted that if astute investors and institutions realize every day that they need part of this asset – then achieving this goal could become possible.
How Can Bitcoin Reach This Price Point?
In order for Bitcoin to reach its goals, it may have to decouple from its correlation with the S&P 500 which McGlone believes remains a major hindrance towards achieving a higher price point in 2020 due to market uncertainties caused by COVID-19 and other factors. Additionally, more institutional investors will need to join in order for BTC’s network effect to be fully realized as well as attract more people into crypto markets such as DeFi platforms and NFTs in order to create an even bigger demand for BTC’s tokens than there already is today.
Can This Price Target Be Achieved?
While no one can tell for certain what the price of Bitcoin will be at any given time – many within the cryptocurrency space believe that reaching a price point of $100,000 is not only achievable but also likely given current market conditions and trends.
Conclusion
In conclusion, it appears that according to Bloomberg analyst Mike McGlone – reaching a price point of $100,000 for Bitcoin remains within reach provided certain conditions are met such as decoupling from correlation with S&P 500 and increased institutional investment into cryptosystems such as DeFi platforms and NFTs alongside more widespread adoption worldwide among retail investors.