{"id":11771,"date":"2021-09-06T02:54:09","date_gmt":"2021-09-06T02:54:09","guid":{"rendered":"https:\/\/www.buyucoin.com\/crypto-labs\/analyst-predicts-crypto-bull-market-100k-bitcoin-5k-ethereum-is-path-of-least-resistance\/"},"modified":"2021-09-06T02:54:09","modified_gmt":"2021-09-06T02:54:09","slug":"analyst-predicts-crypto-bull-market-100k-bitcoin-5k-ethereum-is-path-of-least-resistance","status":"publish","type":"post","link":"https:\/\/www.buyucoin.com\/crypto-labs\/analyst-predicts-crypto-bull-market-100k-bitcoin-5k-ethereum-is-path-of-least-resistance\/","title":{"rendered":"Analyst Predicts Crypto Bull Market: $100K Bitcoin, $5K Ethereum Is Path of Least Resistance"},"content":{"rendered":"<p><strong>Bloomberg Intelligence senior commodity strategist Mike McGlone has affirmed his bitcoin price prediction of $100K, seeing $5K for ethereum as the path of least resistance. He expects the crypto market to thrive in a \u201crefreshed bull market.\u201d<\/strong><\/p>\n<h2>Cryptocurrencies Poised to Thrive, Bull Market Revived<\/h2>\n<p>Commodity strategist Mike McGlone discussed his price predictions for bitcoin and ethereum in the September edition of Bloomberg Crypto Outlook, published Friday.<\/p>\n<p>\u201cCrypto-assets appear in a revived and refreshed bull market with the 2H benefit of a steep discount from previous highs at the start,\u201d he began, adding:<\/p>\n<p>We see ethereum on course toward $5,000 and $100,000 for bitcoin. Portfolios of some combination of gold and bonds appear increasingly naked without some bitcoin and ethereum joining the mix.<\/p>\n<p>The analyst explained that \u201cdiminishing supply\u201d is boosting the price of <a class=\"lar-automated-link\" href=\"https:\/\/markets.bitcoin.com\/crypto\/ETH\">ETH<\/a> amid \u201cincreasing demand and adoption,\u201d emphasizing that ethereum is the primary denominator for non-fungible tokens (NFTs) \u201cwhich are gaining traction.\u201d<\/p>\n<p>He discussed \u201cthe accelerating downward trajectory of new ethereum supply, in the aftermath of the protocol change that began burning coins at the start of August.\u201d McGlone clarified, \u201cFor the first time, the 52-week rate-of-change in the amount of new ethereum coins vs. the total outstanding is on track to drop below 4%.\u201d<\/p>\n<p><!-- growjs zone placement 31 -->    <!-- end of growjs zone placement --> <\/p>\n<p>The Bloomberg Intelligence analyst proceeded to describe that bitcoin reaching $100,000 is \u201chighly probable, especially after last year\u2019s supply cut.\u201d He continued: \u201cPost-halving years have seen the greatest appreciation, and 4x in 2021 would be quite tame for the No. 1 crypto compared with 55x in 2013 and 15x in 2017.\u201d<\/p>\n<p>Emphasizing that \u201cthe bulls are in control,\u201d the analyst asserted that \u201cHaving survived correction, crypto assets [are] now poised to thrive.\u201d He elaborated:<\/p>\n<p>After enduring a gut-wrenching correction, we see the crypto market more likely to resume its upward trajectory than drop below the 2Q lows.<\/p>\n<p><em><strong>Do you agree with the Bloomberg Intelligence analyst? Let us know in the comments section below.<\/strong><\/em><\/p>\n<p>Bitcoin News<br \/>\nMarkets and Prices, bitcoin outlook, bitcoin price prediction, crypto bull market, crypto thrive, ethereum outlook, etherum price prediction<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Bloomberg Intelligence senior commodity strategist Mike McGlone has affirmed his bitcoin price prediction of $100K, seeing $5K for ethereum as the path of least resistance. He expects the crypto market to thrive in a \u201crefreshed bull market.\u201d Cryptocurrencies Poised to Thrive, Bull Market Revived Commodity strategist Mike McGlone discussed his price predictions for bitcoin and&hellip;<\/p>\n","protected":false},"author":0,"featured_media":11772,"comment_status":"","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[53,3],"tags":[],"class_list":["post-11771","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\/11771"}],"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=11771"}],"version-history":[{"count":0,"href":"https:\/\/www.buyucoin.com\/crypto-labs\/wp-json\/wp\/v2\/posts\/11771\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.buyucoin.com\/crypto-labs\/wp-json\/wp\/v2\/media\/11772"}],"wp:attachment":[{"href":"https:\/\/www.buyucoin.com\/crypto-labs\/wp-json\/wp\/v2\/media?parent=11771"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.buyucoin.com\/crypto-labs\/wp-json\/wp\/v2\/categories?post=11771"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.buyucoin.com\/crypto-labs\/wp-json\/wp\/v2\/tags?post=11771"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}