More

    Bitcoin Will Hit $100K When Bear Market Ends, These Analysts Predict


    Mike McGlone, senior commodity strategist at Bloomberg Intelligence, predicts that Bitcoin will hit $100,000 by 2025 and says that he expects the cryptocurrency market to flourish as a “revived bull market.”

    Popular trader Credible Crypto shares McGlone’s fearless forecast. . Last month, Credible Crypto published an updated forecast for Bitcoin’s price trajectory, pointing to BTC hitting favorable

    In his assessment, McGlone says Bitcoin’s strong reversal is just getting started. The current bear market reflects the most dramatic inflation over the past four decades.

    Suggested Reading | Bitcoin ATM Installations Notch Record Drop In May – Demand For Crypto Waning?

    Bitcoin Seen Reclaiming Outperformance Trajectory

    Nonetheless, he emphasized that once the bear market ends, Bitcoin would skyrocket and become the most valuable asset in the world.

    “I expect Bitcoin to be the first asset to resume its outperformance trajectory,” McGlone explained.

    Mike McGlone sees Bitcoin hitting $100,000 by 2025. (Gearrice).

    As an increasing number of voices warn of a significant BTC/USD decline, bullish viewpoints remain limited to the long term because of  macroeconomic factors.

    Bitcoin has had a rough start to the year, but analysts still believe it will reach $100,000; it’s a matter of when, not if, they say.

    Despite recent price declines, many market observers remain hopeful that the crypto will soon surpass the $100,000 threshold, albeit with differing perspectives as to when this would occur.

    Deutsche Bank Survey Shows BTC Hitting $100K

    A recent study by Deutsche Bank revealed that approximately 25 percent of BTC investors predict the cryptocurrency’s price would surpass $100,000 in five years.

    McGlone also evaluated the recent shift in opinion on the largest cryptocurrency in the world. He was questioned why it become a riskier asset after behaving for so long as a safe inflation hedge.

    The Bloomberg analyst responded to the query by stating that this upswing is merely the “ripening” of a young technology and asset.

    He notes that Bitcoin’s 260-day volatility is comparable to that of Tesla, Amazon in 2009, and gold in 1980.

    BTC total market cap at $565.3 billion on the weekend chart | Source: TradingView.com

    Goldman Sachs Shares Deutsche Bank’s Prediction

    Speaking of gold, Goldman Sachs Group predicts that Bitcoin will continue to grab market share from the precious metal as a result of the greater use of crypto assets, making the frequently cited price prediction of $100,000 a possibility.

    The CEO of the crypto financing company Nexo predicts that BTC would reach $100,000 within a year, three years earlier than McGlone’s forecast.

    Antoni Trenchev told CNBC that he believes the most sought-after cryptocurrency will surpass $100,000 “within a year.”

    Suggested Reading | Ethereum Hitting $10K By End Of 2022 Still Possible, Bitmex Former CEO Says

    Featured image from Medium, chart from TradingView.com



    Source link

    Latest stories

    - Advertisement -

    You might also like...