Bloomberg Intelligence's senior strategist, Mike McGlone, has stated that Bitcoin (BTC) is forming a strong set up ahead of the upcoming April halving event. According to McGlone, the world's largest digital currency by market capitalization has all the right fundamentals in place to push its price toward an impressive $100,000.
Despite recent market volatility and uncertainty due to global events such as COVID-19 outbreak and stock market decline, crypto experts remain optimistic about the long-term growth potential for BTC.
McGlone believes that BTC's current position hints at a significant rally ahead. The cryptocurrency is currently hovering around $7,500 per coin after falling from recent highs over $10k earlier this year.
The analyst cited several factors contributing to his positive outlook on BTC. He mentioned how Bitcoin had outperformed traditional markets during the current economic downturns caused by coronavirus fears and oil price war between Russia and Saudi Arabia.
Furthermore, he noted that halving - a process where mining rewards are cut in half every 210k blocks - will reduce supply while demand remains unchanged or increases. This could trigger an upward trend in prices similar to previous halvings.
With these factors combined with bullish sentiment from investors like Paul Tudor Jones who recently announced his belief in bitcoin as "the fastest horse" amid central bank money printing frenzy; it seems likely that we may see BTC reach new heights soon enough.
In summary; Bloomberg Intelligence’s senior strategist Mike McGlone believes that Bitcoin (BTC) is forming a nice setup ahead of the upcoming April halving event which could help push its price toward $100K.