Although the price of Bitcoin (BTC) has been changing hands below $25,000 in the past few months, some analysts remain optimistic that the flagship crypto will hit six figures someday.
In a tweet about two days ago, Mike McGlone, Bloomberg Intelligence’s senior commodity strategist, said Bitcoin (BTC) to $100,000 is inevitable.
According to the strategist, oil will trend downward towards $50 a barrel for the rest of 2022, which will propel deflationary trends across the world.
Read Also: Bloomberg’s Analyst Mike McGlone: Ethereum (ETH) Is Becoming the Internet’s Collateral
McGlone said this will subsequently send the price of the precious metal Gold to $2,000 and also aid the trend of Bitcoin (BTC) to the coveted $100,000 price level.
Mike McGlone tweeted, “A Matter of Time? $2,000 Gold, $100,000 Bitcoin, $50 Crude Oil – The energy spike is proving its own worst enemy, with macroeconomic implications that may buoy gold and help Bitcoin transition toward a high-beta version of the metal and Treasury bonds.”
A Matter of Time? $2,000 #Gold, $100,000 #Bitcoin, $50 #CrudeOil –
The energy spike is proving its own worst enemy, with macroeconomic implications that may buoy gold and help Bitcoin transition toward a high-beta version of the metal and Treasury bonds. pic.twitter.com/4RO3wkMYxf— Mike McGlone (@mikemcglone11) August 8, 2022
Mike McGlone’s Bullish Predictions for Bitcoin (BTC)
McGlone is accustomed to expressing his bullish stand for Bitcoin, the largest cryptocurrency in the market.
Back in March this year when BTC was trading above $40,000, he predicted that it would first face a plunge before a meteoric rise to $100,000.
He said
“If you buy it [Bitcoin] at around $41,000, I think, maybe in less than a year, you should expect to go around $100,000.
“But at these levels right now, we might easily see $30,000 first. And I fully expect that’s kind of the risk-reward because $30,000 has been the key support…
“Bitcoin is the gold in the space. And it’s still speculative. I just really think it needs to be shaken out a little bit and then go back up as a whole market.”
At the time of filing this report, Bitcoin (BTC) is trading at $23,918, with a 3.51% price uptrend in the last 24 hours.
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