Bloomberg Senior Commodities Strategist Mike McGlone still believes bitcoin will trade at $100,000 sooner rather than later.
At the same time, he predicts a further drop in global oil prices to $50 and a rise in the price of gold to $2,000 due to macroeconomic factors.
In June 2022, the price of the leading digital asset was $ 17,600, in August there was a rise to $ 23,000, but the Bloomberg analyst insists that bitcoin will trade at $ 100,000.
While he previously expected that level to be reached in late 2021, he now doesn’t give a specific timeframe, using the phrase “a matter of time.”
McGlone believes bitcoin will move into the risk-free asset category in the second half of this year, unlike the stock market. He added that the cryptocurrency market has eliminated “most of the speculative excesses characteristic of the 2021 market.” Thus, he prepared for a new rally.
In favor of this version, in his opinion, are several positive indicators within the network, which mean an increase in demand for bitcoin.
“Many people now see bitcoin as a global digital collateral, and not having it is a big risk. In addition, supply continues to decline, and that’s increasing demand.
McGlone is of the opinion that the recession will force a preference for bitcoin over crude oil.