• Bloomberg Intelligence’s Senior Strategist Mike McGlone believes Bitcoin is forming the right fundamentals to reach the $100,000 price point.
• The digital currency is trading for $26,740.60, down by more than 4.2 percent over the past 24 hours.
• No one can tell for certain if Bitcoin will reach its goal of $100,000 but many in the ecosystem believe it is achievable.
Bloomberg Analyst Believes BTC Can Reach $100,000
Bloomberg Intelligence’s senior strategist Mike McGlone believes that Bitcoin (BTC) has the right fundamentals to help push its price toward the $100,000 price point. Speaking in an interview with Scott Melker, McGlone noted that while he based his assumptions on the forthcoming Halving event toward the second quarter of 2024, Bitcoin currently has enough fundamental backing to chart its growth curve.
Bitcoin Price at Time of Writing
At the time of writing, the premier digital currency is trading for $26,740.60, down by more than 4.2 percent over the past 24 hours. Although Bitcoin has had a very stellar month, if the current loss is permitted to deepen, it may be forced to end this month on a negative basis.
Will BTC Reach Its Goal?
The bogus Bitcoin price projection post-halving One crucial detail that many in the digital currency ecosystem want access to is whether or not Bitcoin will soar toward the $100,000 price mark. While no one can tell for certain what will happen and at what time ,the Bloomberg strategist believes this price target is a very mild and achievable one for BTC . To attain its goals ,Bitcoin may have to decouple from its correlation with other assets like S&P 500 which McGlone believes will be a great setup next year .
What Could Stop BTC Growth?
McGlone also mentioned there are certain things that could stop or slow down BTC’s trajectory such as politics and severe recession which could affect investors‘ appetite towards cryptocurrency investments . He acknowledged that playing these moves could make investors lose their hair but noted that astute investors realize they need part of this asset every day .
Conclusion
In conclusion ,it appears bitcoin has all it takes to reach it’s projected goals of reaching 100K before 2024 given all factors remain constant . However no one knows what these factors might be in future so caution should be taken when investing in cryptocurrency investments
