The cryptocurrency industry started the new year on a bullish note, although it has been somewhat consolidated in recent days. Bloomberg Senior Commodity Strategist Mike McGlone shared his views on the future of the market and its representative asset, Bitcoin (BTC).
Claim: Bitcoin will hit $100,000 by 2025
As a matter of fact, McGlone admitted in an interview published on January 30, aka Wolf of All Streets Scott Melker, that in the short term cryptocurrencies are not yet bullish, but Bitcoin could reach six-digit numbers in the next few years.
Evaluating the market movements in general, he explained:
“The correlations have all gone almost exactly one-on-one, definitely on the downtrend and up again this year, with crypto being the main leading indicator. So from this point of view, I can’t get bullish on cryptocurrencies in the short term yet.”
As for the flagship decentralized finance (DeFi) asset, McGlone has maintained his well-known optimistic stance over the long term, noting previously that Bitcoin could outperform gold as its biggest competitor in the future. According to that:
“I expect Bitcoin to reach $100,000 in the next few years, probably around halving, maybe 2025.”
Crypto shake up = long-term success?
McGlone added that “the last major jolt in the crypto market has cleaned it up”, “got rid of some bad players and sadly some innocents were hurt,” reiterating that it “really clears the market in a longer-term way.” Run,” as he said, was not witnessed in the stock market.
In terms of Bitcoin, the fourth halving event, scheduled to take place in May 2024, further halving the reward of each block created to 3,125 BTC each, is considered a critical event that could trigger a significant bullish pump for the price.
In December, the commodity expert predicted a “hot spell” for Bitcoin, suggesting that it will continue to rally in 2023 and potentially outperform financial markets under the influence of the Federal Reserve’s return to easing its aggressive monetary policy.
Bitcoin price analysis
Meanwhile, at the time of publication, Bitcoin was trading at $22,898, which represents a 0.39% decrease from the previous week and a 0.38% decrease from the previous week, but still 38.44% from 30 days ago. provides a substantial profit.
Bitcoin 30 day price chart. Source: Finbold
At the same time, it is worth noting that Bitcoin has been almost 90% profitable for its holders since it started trading, recording 3,984 profitable days in 4,545 days (approximately 12.5 years), powered by the asset’s aggression. Adoption, as Finbold previously reported.
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