It’s a Matter of Time? Bitcoin will hit $100K: Mike McGlone

An analyst of Bloomberg publication claimed that Bitcoin is on the track to touch a $100K price. 

Mike McGlone is a senior commodity strategist for Bloomberg Intelligence. Indeed Bloomberg intelligence is a unique analysis expert platform that provides context on industries, and companies. Mike has more than 25 years of experience in futures and commodity trading and investment. In 2016, Mike joined Bloomberg as a Senior Commodity Strategist. 

On 8 August, Mike took to Twitter to inform his followers that it is not a matter of time for Bitcoin to touch the $100k price because Bitcoin is now again on track to touch his prediction price. 

In particular, Mike noted that current macroeconomic situations are favoring Bitcoin to shift its nature more likely to metal & Treasury bonds.

“macroeconomic implications that may buoy gold and help Bitcoin transition toward a high-beta version of the metal and Treasury bonds”

Through the tweet, we can see that Mike believes that Gold may again reclaim its $2k price. 

Last year, this Bloomberg analyst predicted that the price of Bitcoin may easily hit $100k by the end of 2021 but what happened we know very well. 

At that time, Mike considered all the situations like approval of Bitcoin futures ETFs products and also expected approval for Bitcoin spot ETFs applications but news of the rejection of Bitcoin spot ETFs product-based application acted as a catalyst against the growth of Bitcoin. Secondly, 2021 was already full of ups & downs, where China imposed a full ban on cryptocurrencies but other bull runs tried to support the crypto market significantly. But current situations are showing a clear hint that high inflation & economic downturn may become an important reason for this crypto market pump. 

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