According to a Bloomberg analyst, Bitcoin is more likely to reach $100k in 2021 than to drop to $20k.
According to a new analysis released this week, while Bitcoin has lately decreased, Mike McGlone, a senior commodity strategist for Bloomberg Intelligence, believes it is more likely that Bitcoin will increase to a value of $100,000 than it will fall to $20,000.
Bitcoin’s value has fallen, with a current worth of around $37,000 as of June 4. This is down from a high of over $63,000 earlier in the year. Cryptocurrency investors and analysts, on the other hand, predict the decentralized digital currency will appreciate in value in the months and years ahead.
In the Bloomberg Crypto Outlook study, McGlone stated, “About $40,000 may be the Bitcoin maximum for a while inside what we see as a resting crypto-asset bull market.”
“Bitcoin is more likely to restart its upward trend toward $100,000 resistance than to stay below $20,000,” McGlone added.
“Bitcoin’s 2021 base is firm,” McGlone stated. He continued, “Bitcoin’s history predicted the crypto will rise considerably higher in 2021 around the close of 2020, and we see improving supports for this.”
“260-day volatility in most major asset classes, including the S&P 500, fell to its lowest level ever in 2020. With last year’s supply decrease, institutional portfolio movement, Ethereum futures, and the launch of ETFs in Canada and Europe, we believe Bitcoin has a better chance of reaching $100,000 than remaining below $20,000,” the analysis stated.
When Bitcoin was first introduced in 2009, one of the cryptocurrency’s coins was only worth a few cents. Since then, the price has risen dramatically, albeit it has remained volatile. Other notable cryptocurrencies have also developed, with Ethereum and Dogecoin recently attracting a lot of interest and enthusiasm from businesses and investors.
One Ethereum currency is currently valued just over $2,600 as of June 4, down from a high of over $4,300 earlier this year. In the meantime, one Dogecoin is worth roughly $0.37, down from over $0.70 in early May. In 2021, however, both currencies have enjoyed a huge growth.
While many people are still enthusiastic on cryptocurrencies, and some have gained millions from their investments, others continue to reject the market as nothing more than speculative gambling.
John Reed says, “The self-interested cadre of promoters hawking crypto are only doing so to profit themselves.” This is a condensed version of the information.