Bitcoin (BTC) remains in the spotlight as Bloomberg Intelligence’s chief macro strategist, Mike McGlone, reiterated his prediction for the top cryptocurrency to reach $100,000. However, he warned that the journey to this six-figure milestone could take a long time.
during recent times interview With famous crypto influencer Scott Melker, McGlone has expressed his firm belief in the potential of Bitcoin to achieve a six-figure price.
However, it did raise a red flag, indicating that the king cryptocurrency could face a major setback along the way, which could cause its value to dip below the $20,000 mark temporarily before rallying towards the long-awaited $100,000 level.
Explained Mike McCulloon’s rookie position
McGlone’s bullish stance on the future of BTC stems from several fundamental factors that have contributed to the remarkable growth of the cryptocurrency over the years. One crucial element is the scarcity of Bitcoin, as only 21 million coins will ever exist, creating a sense of digital gold and a hedge against inflation.
In addition, the growing institutional interest, adoption, and growing acceptance of Bitcoin as a legitimate asset class has strengthened McGlone’s confidence in its long-term potential.
While McGlone’s overall prediction is optimistic, he acknowledges the potential for a major setback The path of the cryptocurrency to $100,000. The cryptocurrency market is known for its inherent volatility, and Bitcoin is no exception.
BTC trading at $29,156 on the daily chart: TradingView.com
External factors such as regulatory changes, shifts in market sentiment, or unexpected macroeconomic events can cause significant price fluctuations. In this regard, the crypto analyst warns that Bitcoin may experience a temporary drop below $20,000 before resuming its climb.
McGlone closely monitors market sentiment, which influences price movements in the short term. Positive news, institutional developments and endorsements can lead to big rallies, while negative sentiment or regulatory uncertainty can lead to sharp corrections.
Bitcoin above $120,000
Meanwhile, Jeff Kendrick, an analyst from Standard Chartered, recently unveiled a very bullish forecast for Bitcoin, suggesting that the digital currency could surge above the impressive $120,000 price point.
in interview With Insider, Kendrick sheds light on the critical role of miners in shaping the path of Bitcoin’s price. Traditionally, miners have been known to sell some of their mined bitcoins to cover operational costs. However, the situation is evolving as the value of the cryptocurrency continues to rise.
With past debt struggles in the industry gradually fading away, miners are less inclined to part with their bitcoin holdings, which has reduced selling pressure in the market.
The increase in the price of BTC stimulates a positive feedback loop. As miners hold more tokens, reduced selling activity contributes to a lack of supply, which can lead to an increase in the price. This trend creates a consolidation cycle that pushes the value of Bitcoin higher.
Source: Coingecko
Meanwhile, numbers from a cryptocurrency market tracker Koenjiko Displays The current price of BTC is $29,133.47, reflecting a 2.1% decrease in the last 24 hours and a 3.6% decrease over the past seven days.
Featured image from YouTube
