Bloomberg Intelligence senior commodity strategist Mike McGlone, in a new report, forecast Bitcoin to reach $100,000.
He pointed to robust support for digital gold and Ethereum in recent months and the onset of a growth phase for these assets.
“Bitcoin seems to have found support near $30,000 in the same way it did at $4,000 in early 2019. We see parallels with those events, and it appears Bitcoin could reach $100,000,” McGlone said.
The analyst added that the bulls are preparing the next move in the crypto market. He also noted that the price of digital gold had lingered below the 20-week moving average for some time, which points to a sell-off of Bitcoin among “weak hands”.
“Bitcoin is becoming digital gold in a world moving in this direction, while Ethereum is developing as a platform for the digitization of finance,” the senior Bloomberg Intelligence strategist said.
In late July, McGlone said that the price of Bitcoin is more likely to return to the $60,000 level than to fall to $20,000.
In late March he forecasted Bitcoin’s price to reach $400,000.
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