Bloomberg Intelligence's senior strategist Mike McGlone predicts that Bitcoin is forming a nice set up ahead of the April Bitcoin halving. According to him, the world's largest digital currency by market capitalization has the right fundamentals to help push its price towards $100,000.
Despite recent volatility in the cryptocurrency market due to COVID-19 pandemic fears, many analysts remain optimistic about Bitcoin's long-term prospects. The upcoming halving event scheduled for April 2020 has been identified as one of the major catalysts for a potential rally in BTC prices.
As per McGlone's analysis, current market conditions are ripe for a significant increase in demand and price appreciation. He believes that BTC is showing bullish signs and could reach new heights soon.
"Bitcoin is already exhibiting behavior last seen just before its parabolic rise in 2017," said McGlone. "The maturation and adoption of bitcoin futures markets have also created more opportunities for institutional investors. All these factors combined suggest that BTC could potentially reach $100k."
Many other industry experts have made similar projections recently, citing various fundamental factors such as global economic uncertainty and increasing institutional adoption as reasons why BTC could be poised for another bull run.
However, it remains unclear whether or not these predictions will come true given the volatile nature of cryptocurrency markets. Nonetheless, most investors continue to see cryptocurrencies like bitcoin as an attractive long-term investment opportunity with high growth potential.
Only time will tell if these optimistic forecasts prove correct but there seems no shortage of confidence among analysts regarding bitcoin’s future success story.