Home CryptoCurrency News Bitcoin Will Hit $100K When Bear Market Ends, These Analysts Predict
CryptoCurrency News - June 6, 2022

Bitcoin Will Hit $100K When Bear Market Ends, These Analysts Predict

Mike McGlone, senior commodity strategist at Bloomberg Intelligence, predicts that Bitcoin will hit $100,000 by 2025 and says that he expects the cryptocurrency market to flourish as a “revived bull market.”

Popular trader Credible Crypto shares McGlone’s fearless forecast. . Last month, Credible Crypto published an updated forecast for Bitcoin’s price trajectory, pointing to BTC hitting favorable

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In his assessment, McGlone says Bitcoin’s strong reversal is just getting started. The current bear market reflects the most dramatic inflation over the past four decades.

Suggested Reading | Bitcoin ATM Installations Notch Record Drop In May – Demand For Crypto Waning?

Bitcoin Seen Reclaiming Outperformance Trajectory

Nonetheless, he emphasized that once the bear market ends, Bitcoin would skyrocket and become the most valuable asset in the world.

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“I expect Bitcoin to be the first asset to resume its outperformance trajectory,” McGlone explained.

Mike McGlone sees Bitcoin hitting $100,000 by 2025. (Gearrice).

As an increasing number of voices warn of a significant BTC/USD decline, bullish viewpoints remain limited to the long term because of  macroeconomic factors.

Bitcoin has had a rough start to the year, but analysts still believe it will reach $100,000; it’s a matter of when, not if, they say.

Despite recent price declines, many market observers remain hopeful that the crypto will soon surpass the $100,000 threshold, albeit with differing perspectives as to when this would occur.

Deutsche Bank Survey Shows BTC Hitting $100K

A recent study by Deutsche Bank revealed that approximately 25 percent of BTC investors predict the cryptocurrency’s price would surpass $100,000 in five years.

McGlone also evaluated the recent shift in opinion on the largest cryptocurrency in the world. He was questioned why it become a riskier asset after behaving for so long as a safe inflation hedge.

The Bloomberg analyst responded to the query by stating that this upswing is merely the “ripening” of a young technology and asset.

He notes that Bitcoin’s 260-day volatility is comparable to that of Tesla, Amazon in 2009, and gold in 1980.

BTC total market cap at $565.3 billion on the weekend chart | Source: TradingView.com

Goldman Sachs Shares Deutsche Bank’s Prediction

Speaking of gold, Goldman Sachs Group predicts that Bitcoin will continue to grab market share from the precious metal as a result of the greater use of crypto assets, making the frequently cited price prediction of $100,000 a possibility.

The CEO of the crypto financing company Nexo predicts that BTC would reach $100,000 within a year, three years earlier than McGlone’s forecast.

Antoni Trenchev told CNBC that he believes the most sought-after cryptocurrency will surpass $100,000 “within a year.”

Suggested Reading | Ethereum Hitting $10K By End Of 2022 Still Possible, Bitmex Former CEO Says

Featured image from Medium, chart from TradingView.com

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