The expert believes increased adoption and demand will help the price of Bitcoin rise to USD 100,000 unless a reversal occurs. He pointed out that Bitcoin has suffered severe depression during the current global while struggling to trade above USD 20,000.
The prominent presence of bears in the market may cause the price of Bitcoin (BTC) to start a negative correction. There might be selling pressure if the cryptocurrency breaks the support level at USD 19,000.
If the bears drive the price of Bitcoin lower, the consolidation could turn into a bearish run. The next hurdle for the pioneering cryptocurrency might be at USD 21,000, but the recent sideways trend might continue in the short term.
Mike McGlone, a senior commodity strategist for Bloomberg Intelligence, recently talked about the future price of Bitcoin. He said it would trade above USD 100,000 by 2015 once the macroeconomic situation characterized by high inflation is over.
McGlone believes that increased adoption and demand would be the catalyst for the price of Bitcoin to rise. He considers that adoption and demand will increase unless a reversal occurs, which he finds unlikely. In addition, he said that it is a matter of time before BTC reaches USD 100,000.
Bitcoin and Other Cryptocurrencies Are amid the Global Crypto Winter
The analyst pointed out that Bitcoin and altcoins might be the best asset classes in the current situation. The use of the fastest-growing technology by cryptocurrencies led him to believe they have an added advantage.
According to McGlone, the state of the market is comparable to the 2000 dot-com boom, where some assets thrived while others collapsed. However, he highlighted that the measures of the US Federal Reserve (Fed) might be crucial to ending the current situation.
The strategist also noted that the global winter, of which cryptocurrencies are a part, has reached Bitcoin and the overall crypto market. His position goes against the general market perception that Bitcoin is going through a crypto winter. In particular, he said its price had suffered severe depression in 2022, struggling to trade above USD 20,000.
Bitcoin is trading at around USD 19,853 and has accumulated a 0.3% loss over the last 24 hours. While its daily trading volume is above USD 21.65billion, its market capitalization is about USD 380.27 billion, according to CoinGecko.
Bitcoin has become increasingly relevant in the economic system, which Mike McGlone knows well. The expert considers the technology behind it revolutionary, mainly due to the tokenization of assets. In addition, he recognized that the price of the pioneering cryptocurrency has always influenced the overall crypto market.
Investors should know the all-time high, behavior, and possible future value of Bitcoin or any other asset before buying it. That will allow them to find the most convenient opportunity to avoid the risk of losing money. That way, they will take advantage of the significant rise in the price in the long term.
By Alexander Salazar