Business News Bitcoin value would first hit $100,000 before dropping to...

Bitcoin value would first hit $100,000 before dropping to $20,000, says Bloomberg analyst

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Analyst Mike Mcglone says that the value of Bitcoin is more likely to reach 100k first than to drop to 20k.

According to the appreciation of Bloomberg analyst Mike Mcglone, the main cryptocurrency has not come out of its bull cycle. In that sense, for him, the value of Bitcoin is more likely to reach $100,000 first than to fall to $20,000.

It should be noted that the most important of the cryptocurrencies in market capitalization, entered a bull run since late 2020. However, during the month of May, Bitcoin has entered a sharp decline from which it has not recovered .

The fall in the price of the cryptocurrency from 60K to 31K, made many think that it could collapse to 20K. Despite this, the maturity of Bitcoin as an asset allowed it to resist the onslaught of “the bears” and maintain support above $30,000. On several occasions he has tried to break the 40k barrier, but has been rejected.

Why will the value of Bitcoin keep rising?

Predicting the price of cryptocurrencies, like that of any asset on the stock market, is uphill. Those who are dedicated to it, have tools very close to precision. In this way, Mcglone considers that the value of Bitcoin cannot go down to $ 20,000, but there are more chances that it will first reach $ 100,000.

The reason behind this belief is that despite the gap in the digital currency, its bull cycle “remains intact.” This is made known in the most recent edition of the Bloomberg Galaxy Crypto Index. It ensures that Bitcoin is currently “stronger, greener and more widespread ” in its condition compared even to its strongest stage in April.

For this reason, he says, Bitcoin is much more likely to hit $100,000 first than to drop to an unthinkable barrier like 20k. In that view, a deep correction like the one in 2017 is totally out of the question for a variety of reasons, including the rise of the digital currency among large investors.

Importantly, he cites the limitations imposed in China against mining on the one hand. On the other hand, it speaks of the negative focus with regard to the supposed environmental damage. He argues that if this could not sink Bitcoin, few things will be able to do so, so its bull cycle can restart shortly.

BTC fundamentals are stronger than ever

Another aspect highlighted by the aforementioned analyst is that the supports and fundamentals of Bitcoin “are stronger than ever.” In that sense, he stresses, “by the end of 2020, the record of Bitcoin suggested a sharp rise for 2021. And now we are witnessing how the support for this is improving.”

It should not be forgotten that analyzes regarding the future of the value of Bitcoin in the short term remain very divided. Even some analysts, following classic patterns, assure that the price of Bitcoin could stabilize at $16,000.

Along the same lines, quoted in CoinTelegraph, the trader Peter Brandt, alerts his followers in networks that the worst is yet to come. In that sense, he assured that there is nothing more dangerous than holding hold positions in the medium and long term. The latter, waiting for a significant drop.

Will Ellon
Will Ellon is a The Advertiser Mirror correspondent who covers politics, business, money, lifestyle, games, movies, technology and worldwide news. Will is a talented guy of 23 years old who lives to write for the people about news, opinions and reviews.

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