Bloomberg predicts that by the end of 2021, Bitcoin could be worth $100,000

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Analysts like Mike McGlone are still optimistic about crypto tokens despite the recent declines in pricing.

Bitcoin price has seen extreme volatility lately, but this is likely to change soon to the upside. One analyst believes it will climb higher than $100,000 in 2021. Mike McGlone tweeted a chart reportedly indicating why Bitcoin can reach $100,000 this year. Bitcoin is expected to see a significant price increase as more people jump on the Bitcoin bandwagon. He thinks Bitcoin might rally to reach an unprecedented level because of past Bitcoin trading trends and it declining supply over time. The Bitcoin protocol is only going to have a limited number of coins. For that reason, there is a maximum supply of 21 million.

McGlone is hopeful about the future of cryptocurrencies after witnessing a major decline in their value. I think he senses that bitcoin has corrected its price from the crash in April/May and it’s now about to make a comeback.

As of December 6th 11:24 AM, Bitcoin is currently trading at $45,542 (roughly Rs. 33.54 lakhs) according to CoinMarketCap. Currently, it’s also attempting to breach the $50 000 (roughly Rs. 36.83 lakhs) mark. As of September 20th at 2:53pm, the Bitcoin price in India was Rs. 36.6 lakhs.

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Bitcoin has a limited supply of 21 million coins and McGlone believes that since this supply is decreasing, the price will rise as time goes on. Some people seem to think that Bitcoin is a good way to protect against inflation.

Bitcoin and Ethereum, the biggest cryptocurrencies, survived the crash in April/May. Bloomberg’s Crypto Outlook predicted for Bitcoin $100,000 & Ether $5,000 to be the “path of least resistance”.

In his blog, McGlone writes about the time period from 2020 to 2021 “Crypto-assets appear in a revived and refreshed bull market with the 2H benefit of a steep discount from previous highs at the start,”

McGlone recently claimed that any US regulations on the crypto industry would probably cause the worth of Bitcoin to plummet.

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“What, Us Worry? Crypto market expects the US to do the right thing. Any US move to regulate crypto assets is likely to support renewed upward trajectories for Bitcoin and Ethereum,” he had tweeted on August 10.

Disclaimer: The above references an opinion and is for information purposes only. It is not intended to be investment advice. Seek a duly licensed professional for investment advice.

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