Mike McGlone of Bloomberg said that the dwindling supply of Bitcoin and increased adoption by a variety of 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 rise, with Bloomberg senior commodity strategist Mike McGlone making the list most recently. McGlone predicts that BTC could more than double in value over the next three months, capitalizing on increased kidolar adoption, declining active supply, among other reasons.

This year has already been a wild roller coaster when it comes to the price of BTC as the coin has gone from under $30,000 to over $60,000 for an all-time high 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’s waiting for $100,000

Mike McGlone from Bloomberg also joined the 100 thousand dollar club by 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.

Add to this the three million tokens considered lost and inaccessible. In addition, long-term holders seem determined to hold their Bitcoin holdings even when the price drops, as it was 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 digits in BTC at the end of the year!

McGlone’s third rationale works with increased adoption and decreased supply. Fundamental k 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 allocate billions of dollars to crypto money, and some of them have promised not to sell any of them.

Institutional investors continue to pressure large banks to provide regulated places where they can invest in BTC. Therefore, it is not that big of a surprise that many different people, from Jordan Belfort, Adam Back, Tom Lee to the CEO of Chainalysis, believe that Bitcoin can truly enter a six-digit price zone by the end of 2021.

Here are Bloomberg analyst Mike McGlone’s successful Bitcoin predictions!

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.

Like it? Share with your friends!

Michael Lewis


Your email address will not be published. Required fields are marked *