Bitcoin News and Finance
Analyst Predicts ‘Refreshed Bull Market’ for Bitcoin, Price Heading Toward $100K Skip to main content

Analyst Predicts ‘Refreshed Bull Market’ for Bitcoin, Price Heading Toward $100K

Analyst Mike McGlone Predicts 'Refreshed Bull Market' for Bitcoin, Price Heading Towards $100K

Bloomberg Intelligence analyst Mike McGlone sees “a refreshed bull market” for bitcoin. Comparing the performance of the cryptocurrency to the start of 2019, he explained, “we see performance parallels that could get the benchmark crypto back on track toward $100,000.”

Bitcoin Back on Track Toward $100,000

Bloomberg Intelligence published analyst Mike McGlone’s August cryptocurrency outlook with a price prediction for bitcoin Wednesday.

McGlone described that bitcoin is set to turn $40,000 into support, stating that “This year is prime for bitcoin to take the next step in its price-discovery stage and we see a refreshed bull market.” He further explained:

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.

“The longest period below its 20-week moving average since 2018-19 indicates weak longs have been cleansed within an enduring bull market,” the analyst added. “What’s changed in about three years is sufficient to sustain more of the same for most of Bitcoin’s history — rising prices. Supply is declining while demand and adoption are rising in most countries that welcome open discourse and free-market capitalism.”

Mike McGlone’s chart. Source: Bloomberg Intelligence

He noted that the crypto crackdowns in China and the increased regulatory efforts by the U.S. government are part of bitcoin’s maturation. “The increasing dichotomy between China pushing back and the U.S adding clearer rules may mark part of a new and different kind of cold war. Countries restricting capital flows may fall behind in the digitalization process of money and finance,” he opined.

Furthermore, the analyst said: “Bitcoin and gold are poised to follow the resumed upward trajectory of U.S. Treasury bond prices in 2H … Probabilities are rising that bearish 1H consensus will turn out to be temporary and provide an opportunity for more-enduring bull markets starting from a discount.”

McGlone has long been bullish about bitcoin. The Bloomberg Intelligence analyst said in October last year, “The key thing about bitcoin is that I don’t see what’s going to stop it from doing what it has been doing for most of its life, and that’s appreciating.”

Last month, he said that “Bitcoin is more likely to revert toward $60,000 resistance vs. $20,000 support if its history of recovering from similar too-cold conditions are any guide.”

Meanwhile, a panel of crypto experts has predicted that by December 2025, the price of BTC will go up to $318,417. Furthermore, 54% of them think hyperbitcoinization — the moment that bitcoin overtakes global finance — will happen by 2050.

Do you agree with Mike McGlone? Let us know in the comments section below.

Labels:

Comments

Post a Comment

Popular posts from this blog

Custodial Lightning Network Service Attack Discovered by LN ‘Newbie’ — Hacker Strikes 6 LN Custodians

On September 18, a Redditor posted to the r/bitcoin forum and explained how he discovered a way to “attack [the] lightning Network’s custodial services.” The Reddit account dubbed “Reckless Satoshi” wanted to figure out if a “discrepancy between real routing fees and service’s transaction fee can be exploited for a profit.” The researcher disclosed that he wanted to see how large the damage could be and said “it is bad.” 6 Lightning Network Custodial Services Attacked, Researcher Discloses Findings to Offenders Prior to Public Disclosure A Redditor called Reckless Satoshi published a disclosure post on r/bitcoin this past Saturday and disclosed how he had found a vulnerability with routing fees and some of the Lightning Network’s custodial services. The research attack was done in good faith and after it was complete he disclosed the bugs to the offending services before publishing his findings. Reckless Satoshi used the Lightning Network (LN) attack on six different services incl...
Post a Comment
Read more

Axie Infinity Down 40% Since Last Week’s Price High, Protocol Revenue Outshines Competitors

Last week, the game token leveraged within the Axie Infinity gaming universe skyrocketed to all-time highs, while other crypto markets remained extremely lackluster. During the last seven days, Axie Infinity’s platform token has dropped significantly in value shedding more than 12%. Meanwhile, the game platform’s smooth love potion token has slid over 8% over the last 24 hours. Axie Infinity Down More Than 40% Since All-Time High Not too long ago, the axie infinity (AXS) token was a topical conversation because it reached an all-time high on July 15. At the time, AXS managed to capture $28.93 per unit and since then it has shed 12.8% during the last seven days. The axie infinity (AXS) token is used within the blockchain-based game that involves battles between token-based creatures called “Axies.” AXS is used for the game’s governance system as well as other actions within the game. At the time of writing axie infinity (AXS) is exchanging hands for $16.70 per coin. AXS/USD on Ju...
Post a Comment
Read more

Play-to-Earn Game From Polker (PKR) Exchange Listing – Endorsed by Akon

The Play-to-Earn NFT based Polker.Game ‘s native token $PKR has been officially listed on the popular centralized exchange BitMart. Polker.game has been in the spotlight recently as Akon, the American R&B superstar and record producer gave his official endorsement of polker stating that the “game is revolutionary” and that Polker is “hands down.. the best play to earn, NFT game in the space.”. With the BitMart listing and celebrity endorsement from Akon, Polker is perfectly positioned to become a major player in the Play-to-Earn league. Watch Akon’s Video Here What is Play-to-Earn? Although not a new concept, play-to-earn has become a trending term due to the popularity of the NFT game AXIE infinity. In the past, previous play-to-earn games have also achieved success – however, thanks to the huge amount of development in the blockchain space in recent years the gaming experience is now massively improved. Play-to-Earn games are essentially free to play and open to anyone and...
Post a Comment
Read more

China to Crack Down on Copyright Infringement Through NFTs

Authorities in China are going after creators of digital collectibles based on other people’s works of art, the use of which was not authorized. The government offensive is part of a campaign to combat online copyright infringement and piracy with the participation of several departments. Regulators in China Move to Strengthen Copyright Supervision of Online Platforms The National Copyright Administration of China (NCAC) has recently launched a campaign against copyright infringement and piracy on the internet, together with the Ministry of Industry and Information Technology, the Ministry of Public Security, and the State Internet Information Office of the People’s Republic. A major objective of the initiative is to improve copyright supervision of online businesses by investigating cases involving the sale and distribution of infringing products on short video, live broadcast and e-commerce platforms, and promptly dealing with infringing content, the agency announced in a press r...
Post a Comment
Read more
Blogarama - Blog Directory