von • Bloomberg Intelligence’s Senior Strategist Mike McGlone believes Bitcoin is in a great position to rise towards $100,000.
• He bases his assumptions on the upcoming halving event and Bitcoin’s current fundamentals.
• McGlone also notes that astute investors and institutions are increasingly recognizing the need for Bitcoin exposure.
Bloomberg Analyst Predicts BTC Price Increase
Bloomberg Intelligence’s senior strategist Mike McGlone believes Bitcoin (BTC) has the right fundamentals to help push its price toward the $100,000 price point with the upcoming halving event in 2024.
Bitcoin’s Current Price Movements
At the time of writing, BTC is trading for $26,740.60, down by more than 4.2 percent over the past 24 hours. Although Bitcoin has had a very stellar month so far, if this current loss continues it may be forced to end this month on a negative basis.
Will BTC Reach $100K?
Many investors and crypto enthusiasts want to know if BTC can indeed reach $100,000 sometime in the future. While no one can tell for certain what will happen in terms of price or when, Mike McGlone is among those who believe this target is very mild and achievable for the asset given its current state of fundamentals and halving event coming up next year.
Correlation with S&P 500
In order for Bitcoin to reach its goals, it may have to decouple from its correlation with the S&P 500 which McGlone believes could be an impediment to further growth in 2021 or 2022 due to macroeconomic factors such as inflation caused by fiscal stimulus measures being implemented globally during a recessionary environment at that time period.
The Bottom Line
It remains unclear if/when BTC will reach its ambitious goal but what is certain is that increasing numbers of investors are recognizing it as an asset class worth holding onto long-term – something that could eventually lead us closer towards that six-figure mark some day soon!
