Bloomberg’s Mike McGlone said that the dwindling supply of Bitcoin and increased adoption by various investors could push BTC to $100,000 by the end of the year. So what are the reasons for this prediction? Can Bitcoin really break $100,000 by the end of the year? cryptocoin.com Let’s look at the details together…
Mike McGlone: Bitcoin may exceed $100,000 by the end of the year!
The number of people who believe Bitcoin could surpass $100,000 by the end of the year continues to grow, with Bloomberg’s senior commodity strategist Mike McGlone making the list most recently. Summarizing increased mass adoption, declining active supply, among other reasons, McGlone predicts that BTC could more than double in value in the next three months.
This year has already been a wild roller coaster when it comes to the price of BTC, as the coin surged from under $30,000 to an all-time high of over $60,000 in a matter of months. Since those dark days in July, BTC has gained roughly $20,000 and is currently sitting at just under $50,000. And with less than four months into the year, BTC estimates continue to rise, predicting more than 100% gains against the dollar in this time frame.
Mike McGlone explains why he expects $100,000
Bloomberg’s Mike McGlone also joined the $100,000 club, listing a few reasons. First, he touched on historical BTC trading trends before addressing the dwindling supply of the leading cryptocurrency. This can be evaluated from several aspects. After an event called halving, the rate of new Bitcoin creation decreases every four years. After the most recent (third) halving in 2020, the rate has now dropped to 6.25 BTC per block.
To this we can add the three million tokens that are considered lost and inaccessible. Additionally, long-term holders seem determined to hold on to their Bitcoin holdings even when the price drops, as they did earlier this month, and refuse to sell. This also largely overlaps with the Stock Flow Model. By examining the flow as the size of current reserves and the annual supply of BTC in the market, S2F predicts a price level of $100,000 per coin by the end of the year.
Master names predict 6-digit numbers in BTC at the end of the year!
McGlone’s third rationale works with increasing adoption and decreasing supply. Basic economic principles state that if an asset’s supply decreases but demand stays the same or rises, the price should theoretically increase as well. And the demand for the leading cryptocurrency has indeed been increasing lately. We have giant companies that have allocated billions of dollars to cryptocurrencies, and some have promised not to sell any of them.
Institutional investors continue to pressure major banks to provide regulated places to invest in BTC. So it’s not that big of a surprise that people as diverse as Jordan Belfort, Adam Back, Tom Lee to the CEO of Chainalysis believe that Bitcoin could indeed enter a six-digit price zone by the end of 2021.
Here are the successful Bitcoin predictions of Bloomberg analyst Mike McGlone!
Bloomberg analyst Mike McGlone stated and knew that Bitcoin will see $10,000 in early 2020. Mike McGlone gave the good news of 12 thousand dollars when the Bitcoin price was at the level of 9 thousand dollars in the past months, and he knew this. Apart from these, the analyst also has other successful predictions. In early January, the analyst said that BTC will hit $50,000 in 2021, and this level was seen in mid-February.
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