Bitcoin (BTC) may be gearing up for a major uptrend ahead of the upcoming halving event in April, according to senior strategist Mike McGlone at Bloomberg Intelligence. In a recent report, McGlone stated that Bitcoin has the right fundamentals in place to push its price towards $100,000.
McGlone's analysis is based on Bitcoin's performance over the past few months. Despite experiencing some volatility since January 2020, BTC has managed to maintain relatively stable levels around $9,000-$10,000. This stability indicates that investors are holding onto their coins and waiting for potential gains post-halving.
The Bitcoin halving is an event that occurs roughly every four years when the number of new Bitcoins produced per block is cut in half. This reduces the supply of new BTC entering circulation and historically leads to an increase in demand and price appreciation.
McGlone believes that this year's halving will have a more significant impact on Bitcoin's price due to its current market cap and mainstream adoption. He also cites increased institutional investment as another factor contributing to BTC's bullish outlook.
Despite these positive projections, there are still risks associated with investing in cryptocurrencies. McGlone acknowledges that regulatory uncertainty and potential market manipulation could affect Bitcoin's long-term prospects.
As always with cryptocurrency investments, it’s important for investors to do their research before making any decisions. However if all goes according to plan for bitcoin bulls then we might see history repeat itself again after last bull run which took us from below $1k USD/BTC all the way up northward towards $20k USD/BTC level back during late 2017-early 2018 time period.
Disclaimer: This article is not intended as financial advice.