• Advertise
  • Submit a Press Release
  • About Us
NewsBTC
Bitcoin & cryptocurrency news
Sensei Inu Logo
  • News
    • Bitcoin
    • Ethereum
    • Cardano
    • Dogecoin
    • Ripple
    • DeFi
    • NFT
    • Sponsored
    • Press Releases
    • Research
    • Gambling
      • Crypto Casinos
      • Real Money Casinos
    • Casinos not on Gamstop
  • Analysis
    • Bitcoin (BTC)
    • Ethereum (ETH)
    • Cardano (ADA)
    • Chainlink (LINK)
    • Litecoin (LTC)
    • Tezos (XTZ)
    • Zcash (ZEC)
    • EOS
    • YearnFinance (YFI)
  • Learn
    • Trading Course
  • Directory
    • Crypto Businesses
    • Bitcoin Brokers
    • Casinos
    • Sportsbooks
    • Categories
  • Events
  • Play GamesTry
  • Win 8.88 BTCTry
  • Play Casino GamesTry
  • Play FinanceTry
No Result
View All Result
Breaking News: Fed Holds Interest Rates Steady, Bitcoin Awaits Trend Reversal Above $27,000
  • News
    • Bitcoin
    • Ethereum
    • Cardano
    • Dogecoin
    • Ripple
    • DeFi
    • NFT
    • Sponsored
    • Press Releases
    • Research
    • Gambling
      • Crypto Casinos
      • Real Money Casinos
    • Casinos not on Gamstop
  • Analysis
    • Bitcoin (BTC)
    • Ethereum (ETH)
    • Cardano (ADA)
    • Chainlink (LINK)
    • Litecoin (LTC)
    • Tezos (XTZ)
    • Zcash (ZEC)
    • EOS
    • YearnFinance (YFI)
  • Learn
    • Trading Course
  • Directory
    • Crypto Businesses
    • Bitcoin Brokers
    • Casinos
    • Sportsbooks
    • Categories
  • Events
  • Play GamesTry
  • Win 8.88 BTCTry
  • Play Casino GamesTry
  • Play FinanceTry
No Result
View All Result
Bitcoin News
No Result
View All Result
Breaking News: Fed Holds Interest Rates Steady, Bitcoin Awaits Trend Reversal Above $27,000
Picture of a bitcoin with a flying rocket in front of it
Sensei Inu Logo

Bloomberg Analyst Provides Blueprint Of Bitcoin Path To $100,000

Best Owie by Best Owie
2 years ago
in BTC
Reading Time: 3 mins read

Bitcoin price predictions have been a hot topic for a while now. Bloomberg Analyst, Mike McGlone believes that the price of BTC hitting $100,000 is tied to the asset following ethereum. This came in the monthly cryptocurrency newsletter sent out by Bloomberg Crypto Outlook. McGlone said this in the July version of the newsletter that was recently published.

McGlone commented on the performance of ethereum, putting it as the top market leader so far since the bull market began. Ethereum has consistently outperformed BTC in the market in recent years. But even as the coin grows in popularity, BTC continues to take the lead. Bitcoin still boasts of a market cap twice that of ethereum and it does not seem to be stopping yet.

Related Reading | I Stand By My $100,000 Bitcoin Price Target, Anthony Scaramucci

Bitcoin comes with countless merit as a decentralized coin. These add up to the reasons why $100,000 might not be an outrageous prediction for the price. Given the massive run-up this year, there is no telling where the next run-up will end up.

$100,000 Is Tame For Bitcoin

In the newsletter, McGlone highlights the potential for bitcoin. Stating that the coin $100,000 mark is still pretty tame for the flagship cryptocurrency. “Based on its history, a bottom line for BTC in 2021 is that the price advance to May 24 is a round error,” McGlone said. “The 2020 halving came amid unprecedented global fiscal and monetary stimulus, along with institutions tilting toward Bitcoin allocations.”

Continuing on, he highlighted the possibilities of BTC becoming a major value reserve for financial markets at large. Bitcoin has no doubt shown tremendous promise in its ability to be a store of value for both individuals and institutions alike.

Bitcoin chart from TradingView.com

BTC price declines as bearish sentiment intensify | Source: BTCUSD on TradingView.com

Talking on this, the Bloomberg analyst said; “ The chance that the crypto becomes the digital reserve asset and stays the course it’s charted over most of the past decade is increasingly outweighing the loss of a small portion of a portfolio.”

With BTC becoming stronger, greener (courtesy of the China mining crackdowns), and less extended, this proves to be a likely path towards $100,000. The newsletter cited that the asset’s correction in April was due to excessive energy use and this shows the strength of bitcoin, which is the world’s largest decentralized network. Confirming that the actions of China on crypto mining have only shown the benefits of BTC and now, miners have set their sights on using renewable energy for their mining operations.

Strong 2021 Foundation

Bitcoin has so far shown a strong and solid foundation in 2021. This is part of the reason why the coin price has held up so well despite losing over 50% of its value in a couple of months.

Using bitcoin’s history to date, McGlone said in the newsletter that this history points towards the digital asset moving higher in 2021 quite sharply. And the data on the charts seem to back this up.

Bitcoin’s declining supply is also a huge factor in this increase in price that looms on the charts. Bitcoin’s scarcity model makes sure that with each BTC mined, the coins are more valuable than ever. Capped at 21 million, there will be no more BTC once the last BTC is mined.

Related Reading | Bitcoin Drops 6% In 24 Hours, Why This Might Trigger A Bullish Rally

With institutional players coming into the market and buying up large numbers of coins at a time, the time where demand will be higher than supply is fast approaching. Coins being bought and taken to holding wallets means fewer coins available for buyers and traders.

Halvings happening every four years adds to this already boosted BTC train. Halvings are when the rewards for BTC mining are cut in half. The latest halving which happened in 2020 has left bitcoin mining rewards at 6.25 per block. By the next halving in 2024, the bitcoins reward per block will be 3.125.

A combination of these factors might just be the push that BTC needs to finally break $100,000.

Featured image from Inverse, chart from TradingView.com
Tags: bitcoinbtcbtcusdBTCUSDTxbtcusdxbtusd. btcusdt
Tweet123Share196ShareSend
Best Owie

Best Owie

Best Owie is a seasoned managing editor with a wealth of experience currently serving as the Managing Editor at NewsBTC. Best is a highly skilled professional with a track record of producing engaging and informative content. With a keen eye for detail and a passion for accuracy, Best is committed to ensuring that each article published meets the highest standards of quality. Best has over six years of experience in the crypto industry and has overseen the creation and publishing of thousands of articles over the years. When not curating engaging content, Best can be found reading a book with a cup of hot chocolate, enjoying a Netflix series, or exploring the outdoors. Best is a true professional in every sense of the word with an exceptional dedication to producing high-quality work.

Related Posts

Bitcoin

Bitcoin Price Grinds Lower And Seems Like Bears Are Not Done Yet

19 hours ago
Bitcoin

Bitcoin Price Hints At Potential Correction, Buy The Dip?

4 days ago
Bitcoin

Bitcoin Price Topside Bias Vulnerable If It Continues To Struggle Below $27.5K

5 days ago
Bitcoin

Bitcoin Price Close Above $27,500 Could Spark Larger Degree Rally

6 days ago
Bitcoin

Bitcoin Price Sees Technical Correction, Here’s What Could Propel It Back To $28K

7 days ago
Bitcoin

Bitcoin Price Holds Strong At 100 SMA – A Strengthening Case For Upside

1 week ago

Premium Partners

Play Finance

Top Casinos

BitStarz

BitStarz

Review · Visit
Punt Casino

Punt Casino

Review · Visit
Trust Dice

Trust Dice

Review · Visit
mBit

mBit

Review · Visit

Press Releases

  • Everlodge (ELDG)’s Electrifying Presale: Stealing the...

    4 hours ago
  • Litecoin (LTC) and Chainlink (LINK) Holders Dive into...

    4 hours ago
  • Discover the Yesgo (YESGO) Listing on XT.COM and Launch on...

    5 hours ago
  • Ex-SEC Chief Optimistic About Bitcoin ETF Approval...

    9 hours ago
  • Bitcoin (BTC) Stays at $27K; Bullish Hints from Aave (AAVE)...

    10 hours ago

About Us

NewsBTC is a cryptocurrency news service that covers bitcoin news today, technical analysis & forecasts for bitcoin price and other altcoins. Here at NewsBTC, we are dedicated to enlightening everyone about bitcoin and other cryptocurrencies.

We cover BTC news related to bitcoin exchanges, bitcoin mining and price forecasts for various cryptocurrencies.

Cryptocurrency news

  • Bitcoin
  • Ethereum
  • Ripple
  • Chainlink
  • Cardano
  • EOS
  • Tezos

Technical Analysis

  • Bitcoin (BTC)
  • Ethereum (ETH)
  • Ripple (XRP)
  • Chainlink (LINK)
  • Cardano (ADA)
  • Tezos (XTZ)

Company

  • Advertising
  • Comments Policy
  • Privacy Center
  • Sitemap
  • About Us
  • Contact

© 2023 NewsBTC. All Rights Reserved.

  • News
    • Bitcoin
    • Ethereum
    • Cardano
    • Dogecoin
    • Ripple
    • DeFi
    • NFT
    • Sponsored
    • Press Releases
    • Research
    • Gambling
      • Crypto Casinos
      • Real Money Casinos
    • Casinos not on Gamstop
  • Analysis
    • Bitcoin (BTC)
    • Ethereum (ETH)
    • Cardano (ADA)
    • Chainlink (LINK)
    • Litecoin (LTC)
    • Tezos (XTZ)
    • Zcash (ZEC)
    • EOS
    • YearnFinance (YFI)
  • Learn
    • Trading Course
  • Directory
    • Crypto Businesses
    • Bitcoin Brokers
    • Casinos
    • Sportsbooks
    • Categories
  • Events
  • Play Games
  • Win 8.88 BTC
  • Play Casino Games
  • Play Finance

© 2023 NewsBTC. All Rights Reserved.

This website uses cookies. By continuing to use this website you are giving consent to cookies being used. Visit our Privacy Center or Cookie Policy.