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 “refreshed bull market.”
Cryptocurrencies Poised to Thrive, Bull Market Revived
Commodity strategist Mike McGlone discussed his price predictions for bitcoin and ethereum in the September edition of Bloomberg Crypto Outlook, published Friday.
“Crypto-assets appear in a revived and refreshed bull market with the 2H benefit of a steep discount from previous highs at the start,” he began, adding:
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.
The analyst explained that “diminishing supply” is boosting the price of ETH amid “increasing demand and adoption,” emphasizing that ethereum is the primary denominator for non-fungible tokens (NFTs) “which are gaining traction.”
He discussed “the accelerating downward trajectory of new ethereum supply, in the aftermath of the protocol change that began burning coins at the start of August.” McGlone clarified, “For 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%.”
The Bloomberg Intelligence analyst proceeded to describe that bitcoin reaching $100,000 is “highly probable, especially after last year’s supply cut.” He continued: “Post-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.”
Emphasizing that “the bulls are in control,” the analyst asserted that “Having survived correction, crypto assets [are] now poised to thrive.” He elaborated:
After enduring a gut-wrenching correction, we see the crypto market more likely to resume its upward trajectory than drop below the 2Q lows.
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