The Path to a $100,000 Bitcoin Price Might Not Be Easy, Says Analyst
Bitcoin Despite its Drop to $100,000
According to Mike McGlone, a well-known commodities analyst at Bloomberg, bitcoin (BTC) could still reach a price of $100,000. However, the analyst believes that the road to this price level will not be easy.
Bitcoin’s Potential Bearish Period
In an interview with the renowned crypto YouTuber Scott Melker, also known as ‘The Wolf of All Streets’, McGlone further explained his statement. According to the Bloomberg analyst, the BTC price could experience a significant drop first. He doesn’t rule out a bearish period, suggesting that bitcoin could even drop below $20,000 again.
The Optimistic Future of Bitcoin
Despite his cautious outlook, McGlone remains optimistic about the future of the digital currency. He bases his expectation of bitcoin reaching $100,000 on several fundamental factors.
McGlone highlights the scarcity of bitcoin as a crucial factor. Only 21 million BTC will ever exist. As institutional investors and companies begin to invest, while the supply continues to decrease, the demand for bitcoin is growing. The limited supply could lead to significant price increases. Additionally, the potential introduction of an exchange-traded fund (ETF) is seen as a favorable factor for bitcoin.
- Advertisement -
Another Analyst Predicts a $120,000 Bitcoin Price
Geoff Kendrick, an analyst at the British bank Standard Chartered, is even more optimistic. During an interview with Business Insider, Kendrick predicted a bitcoin price of $120,000. His analysis focuses on the role of bitcoin miners in the network. According to Kendrick, miners can have a significant impact on the price through a positive feedback loop.
The increasing BTC price creates a growing incentive for other parties to participate in mining. Kendrick also expects miners to feel less pressure to sell their acquired bitcoins as higher prices easily cover operating costs. This could alleviate selling pressure on miners and positively affect the price.
Please note that the provided text is a translation from Dutch to English.