Mike McGlone of Bloomberg Intelligence stated that Bitcoin (BTC) could rise to $ 100,000, but investors should wait a while longer for this to happen.
In a new edition of the Bloomberg Crypto Outlook, McGlone says Bitcoin is on track to surpass the key resistance of $ 14K as indicators show investors are flocking to the number one cryptocurrency, McGlone says the graph is on the way to the Grayscale Bitcoin Trust’s (GBTC) Bitcoin equivalent of 500. He stated that he showed a market value approaching a thousand Just a year ago, this direct indicator of investor demand held less than half of that amount. According to the chart, entries in GBTC, the largest product traded on the exchange, take about 70% of the new Bitcoin supply.
McGlone used the following statements in the rest of his speech:
“Our chart also includes the 30-day average of Coinmetrics’ Bitcoin active addresses. The addresses where prices dropped in 2018 were a leading indicator of Bitcoin recovery in 2019. ”
McGlone also underlines the unique feature of Bitcoin as price does not affect supply, which highlights its adoption as the number one metric for measuring value. According to McGlone, Bitcoin’s valuation will rise after increasing adoption rates, and BTC’s historical price history shows it could reach $ 100,000 by 2025.
“Still in hangover mode after the 2017 rally, we don’t know which catalyst could push Bitcoin to new highs, but demand-supply metrics remain price positive. If the cryptocurrency matures a little and reflects its past gains, it can increase the price to $ 100,000 in 2025.
Additionally, the strategist says the current macroeconomic environment must serve as a wind for Bitcoin’s rise.
“In our view, in a unique macroeconomic background of rapidly increasing financial and monetary incentives, limited supply stores of value such as gold and Bitcoin prevail. This must be true as traditional asset classes – stocks and bonds – are overextended. “