Bitcoin Is Still on Its Way to Hit $100,000, Says Bloomberg Strategist

Mike McGlone, senior commodity strategist at Bloomberg Intelligence, has once again stated that the Bitcoin price is on track to hit $100,000.

I fully expect it’s on its way to getting to $100,000.    

McGlone doesn’t think that Bitcoin will get much below $30,000 this year despite severe bearish pressure.

The analyst says that Bitcoin is on its way to becoming the global digital reserve asset.

At the same time, McGlone has pointed to “massive” speculative excess within the cryptocurrency industry.

As reported by U.Today, he recently said that cryptocurrencies like Dogecoin had to go down for blue-chip cryptocurrencies of the likes of Bitcoin to shine.       

Bitcoin is still in the price discovery process, the expert says. He says that the original cryptocurrency doesn’t play a major role in investors’ portfolios for now, but its adoption is picking up.

At press time, Bitcoin is trading at $38,723 at press time after soaring to nearly $40,000 earlier today.

The Bitcoin price is still down 43.84% from its all-time high that was logged in early November.