Bitcoin reaching $100,000 is a matter of time: Bloomberg analyst
Bitcoin is hovering around the $24,000 mark today and has been mostly trading in the green since July of this year. Although BTC experienced falls over the past 30 days, it managed to bounce back and reach new weekly highs. Bitcoin survived the Feds 75 BPS interest rate hike and also made it through the negative GDP report unscathed.
The leading crypto shot up in price when the development was announced, bringing back confidence in the markets. Now that BTC has a grip on its price, investors believe that the crypto may be headed for better days. Mike McGlone, Bloomberg financial analyst predicts that Bitcoin looks much better to reach $100,000 now more than ever.
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McGlone argued that Bitcoin reaching $100,000 is only “a matter of time” and investing now can bring great rewards. The analyst predicted that Bitcoin’s price rise in the coming months will be linked to crude oil. According to McGlone, crude oil prices will decline in the second half of 2022, which will open the gates for a bull run.
The markets are mostly linked to crude oil prices and react strongly when prices rise. The price of crude oil is 90 dollars today and McGlone predicts that it could fall to 50 dollars by the end of 2022. Therefore, Bitcoin and the general crypto markets can jump in price and reach new heights, believes McGlone.
“A matter of time? $2,000 gold, $100,000 Bitcoin, $50 crude. The energy peak is proving its own worst enemy, with macroeconomic implications that could strengthen gold and help Bitcoin transition toward a high-beta version of metals and Treasuries.” he tweeted.
Can Bitcoin Reach $100,000 This Year?
This is not the first time financial analysts have predicted that Bitcoin is poised to hit $100,000. Several analysts and leading publications predicted BTC to touch $100K last year, but it ended up trading backwards instead.
Investors who put in their money believing it could break $100,000 are all under water. BTC fell more than 65% from its all-time high of $69,044 and crashed several times this year.
Therefore, the prediction of BTC reaching $100,000 should be taken with a grain of salt. Markets have yet to recover and crude oil prices may not fall as the war between Russia and Ukraine is not over.
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The chance that the oil price will shoot up is much greater than that it will fall. In conclusion, it is recommended to wait and see the economic development before going all in on BTC.
At press time, Bitcoin was trading at $23,964 and is up 2.53% in 24-hour trading.
