• Bloomberg Intelligence’s senior strategist Mike McGlone believes the set-up for Bitcoin to soar is forming already.
• Bitcoin has the right fundamentals to help push its price toward the $100,000 price point.
• Mike McGlone is among those who believe this price target is a very mild and achievable one for the asset.
Bitcoin Set Up To Soar: Can BTC Reach $100,000?
Bloomberg Intelligence’s senior strategist Mike McGlone believes the set-up for Bitcoin to soar is forming already as it has all the right fundamentals to help push its price toward the $100,000 price point. At the time of writing, Bitcoin (BTC) -the world’s largest digital currency by market capitalization- is trading for $26,740.60 and it has had a stellar month so far despite some losses in recent days.
Halving Event and Recession
McGlone based his assumptions on the forthcoming Halving event towards the second quarter of 2024 and noted that Bitcoin currently has enough fundamental backing to chart its growth curve. He stated that astute investors and institutions around the world realize every day that they need part of this asset and by 2024 when halving takes place, there would have been a severe recession with all politics leaning Republican at least in terms of presidential elections which will set up a great condition next year.
Can BTC Reach $100K?
The big question on everybody’s mind however is whether or not Bitcoin will soar towards reaching $100K in price tag after halving event taking effect. While no one can tell for certain what will happen and when but McGlone believes it is possible only if BTC manages to decouple from S&P 500 correlation which he believes could be a big hurdle in reaching such massive targets.
Conclusion
Overall, many cryptocurrency enthusiasts are eager to know how high or low BTC prices can go post-halving event but only time will tell what fate awaits this digital asset class after halving takes effect in 2021 while we can rest assured as per Bloomberg’s analyst Mike McGlone that right now all signs suggest that things should look good in coming months as far as BTC prices are concerned with potential of hitting lofty heights near 100K mark!
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