{"id":10564,"date":"2021-08-06T02:54:11","date_gmt":"2021-08-06T02:54:11","guid":{"rendered":"https:\/\/www.buyucoin.com\/crypto-labs\/analyst-predicts-refreshed-bull-market-for-bitcoin-price-heading-toward-100k\/"},"modified":"2021-08-06T02:54:11","modified_gmt":"2021-08-06T02:54:11","slug":"analyst-predicts-refreshed-bull-market-for-bitcoin-price-heading-toward-100k","status":"publish","type":"post","link":"https:\/\/www.buyucoin.com\/crypto-labs\/analyst-predicts-refreshed-bull-market-for-bitcoin-price-heading-toward-100k\/","title":{"rendered":"Analyst Predicts \u2018Refreshed Bull Market\u2019 for Bitcoin, Price Heading Toward $100K"},"content":{"rendered":"

Bloomberg Intelligence analyst Mike McGlone sees \u201ca refreshed bull market\u201d for bitcoin. Comparing the performance of the cryptocurrency to the start of 2019, he explained, \u201cwe see performance parallels that could get the benchmark crypto back on track toward $100,000.\u201d<\/strong><\/p>\n

Bitcoin Back on Track Toward $100,000<\/h2>\n

Bloomberg Intelligence published analyst Mike McGlone\u2019s August cryptocurrency outlook with a price prediction for bitcoin Wednesday.<\/p>\n

McGlone described that bitcoin is set to turn $40,000 into support, stating that \u201cThis year is prime for bitcoin to take the next step in its price-discovery stage and we see a refreshed bull market.\u201d He further explained:<\/p>\n

Bitcoin appears to have built a base around $30,000 that\u2019s akin to $4,000 at the start of 2019, and we see performance parallels that could get the benchmark crypto back on track toward $100,000.<\/p>\n

\u201cThe longest period below its 20-week moving average since 2018-19 indicates weak longs have been cleansed within an enduring bull market,\u201d the analyst added. \u201cWhat\u2019s changed in about three years is sufficient to sustain more of the same for most of Bitcoin\u2019s history \u2014 rising prices. Supply is declining while demand and adoption are rising in most countries that welcome open discourse and free-market capitalism.\u201d<\/p>\n

Mike McGlone\u2019s chart. Source: Bloomberg Intelligence<\/p>\n

He noted that the crypto crackdowns in China and the increased regulatory efforts by the U.S. government are part of bitcoin\u2019s maturation. \u201cThe increasing dichotomy between China pushing back and the U.S adding clearer rules may mark part of a new and different kind of cold war. Countries restricting capital flows may fall behind in the digitalization process of money and finance,\u201d he opined.<\/p>\n

Furthermore, the analyst said: \u201cBitcoin and gold are poised to follow the resumed upward trajectory of U.S. Treasury bond prices in 2H \u2026 Probabilities are rising that bearish 1H consensus will turn out to be temporary and provide an opportunity for more-enduring bull markets starting from a discount.\u201d<\/p>\n

<\/p>\n

McGlone has long been bullish about bitcoin. The Bloomberg Intelligence analyst said<\/a> in October last year, \u201cThe key thing about bitcoin is that I don\u2019t see what\u2019s going to stop it from doing what it has been doing for most of its life, and that\u2019s appreciating.\u201d<\/p>\n

Last month, he said<\/a> that \u201cBitcoin is more likely to revert toward $60,000 resistance vs. $20,000 support if its history of recovering from similar too-cold conditions are any guide.\u201d<\/p>\n

Meanwhile, a panel of crypto experts has predicted<\/a> that by December 2025, the price of BTC<\/a> will go up to $318,417. Furthermore, 54% of them think hyperbitcoinization \u2014 the moment that bitcoin overtakes global finance \u2014 will happen by 2050.<\/p>\n

Do you agree with Mike McGlone? Let us know in the comments section below.<\/strong><\/em><\/p>\n

Bitcoin News
\nMarkets and Prices, Bitcoin Price, bitcoin price forecast, bitcoin price prediction, bitcoin price target, Bloomberg, Bloomberg Analyst, crypto price prediction, Mike McGlone, mike mcglone bitcoin prediction<\/p>\n","protected":false},"excerpt":{"rendered":"

Bloomberg Intelligence analyst Mike McGlone sees \u201ca refreshed bull market\u201d for bitcoin. Comparing the performance of the cryptocurrency to the start of 2019, he explained, \u201cwe see performance parallels that could get the benchmark crypto back on track toward $100,000.\u201d Bitcoin Back on Track Toward $100,000 Bloomberg Intelligence published analyst Mike McGlone\u2019s August cryptocurrency outlook…<\/p>\n","protected":false},"author":0,"featured_media":10565,"comment_status":"","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[53,3],"tags":[],"class_list":["post-10564","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-blockchain-news","category-coin-news"],"_links":{"self":[{"href":"https:\/\/www.buyucoin.com\/crypto-labs\/wp-json\/wp\/v2\/posts\/10564"}],"collection":[{"href":"https:\/\/www.buyucoin.com\/crypto-labs\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.buyucoin.com\/crypto-labs\/wp-json\/wp\/v2\/types\/post"}],"replies":[{"embeddable":true,"href":"https:\/\/www.buyucoin.com\/crypto-labs\/wp-json\/wp\/v2\/comments?post=10564"}],"version-history":[{"count":0,"href":"https:\/\/www.buyucoin.com\/crypto-labs\/wp-json\/wp\/v2\/posts\/10564\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.buyucoin.com\/crypto-labs\/wp-json\/wp\/v2\/media\/10565"}],"wp:attachment":[{"href":"https:\/\/www.buyucoin.com\/crypto-labs\/wp-json\/wp\/v2\/media?parent=10564"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.buyucoin.com\/crypto-labs\/wp-json\/wp\/v2\/categories?post=10564"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.buyucoin.com\/crypto-labs\/wp-json\/wp\/v2\/tags?post=10564"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}