Mike McGlone, chief commodity strategist at Bloomberg, shared a chart showing why, in his view, Bitcoin could hit $100,000 this year.
“Bitcoin could potentially reach $100,000”
In a Twitter post, McGlone stated that Bitcoin is likely to make “significant progress in 2021,” potentially reaching the $100,000 price level.
Can Bitcoin Reach $100,000 in 2021? Five Charts Show Potential – Past #Bitcoin trading trends and the crypto’s declining supply vs. mainstream adoption suggest a significant advance in 2021, potentially to $100,000, we believe. pic.twitter.com/0tH7PS7QEI
— Mike McGlone (@mikemcglone11) September 16, 2021
He believes that if this rally does happen, it will be fueled by past Bitcoin trading trends, declining supply and mainstream adoption.
Bloomberg’s commodity strategist also stated in a different Twitter post that US regulation is unlikely to disrupt Bitcoin’s progress.
178,000 BTC moved from crypto exchanges
In addition, according to data shared by the Arcane Research platform, the amount of Bitcoin held on crypto exchanges has dropped significantly. The platform currently states that Bitcoin stock market supply has dropped to levels last seen in August 2018, in the first year of the crypto winter. The statement also reports that users have been actively withdrawing for the past two months.
#Bitcoin exchange balance has dropped to levels not seen since August 2018. Outflows have been especially high during the last two months, with 178,000 BTC moved from exchanges since July 27th.
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Data: @glassnode pic.twitter.com/u0ZvcFjY4z
— Arcane Research (@ArcaneResearch) September 16, 2021
Since July 27, 178,000 Bitcoins have been moved from crypto trading centers. This amount is equivalent to $8,565,627 at the current exchange rate.
In his post, Arcane adds that he also used Glassnode data in his research.