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Bitcoin Keeps Targeting $100,000 As Multiple Signs in 2021 Show: Bloomberg’s Mike McGlone

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Mon, 06/14/2021 - 08:37
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Yuri Molchan
Bloomberg’s chief expert on commodities shares his take on the earmarks that show Bitcoin’s strong upside movement this year
Bitcoin Keeps Targeting $100,000 As Multiple Signs in 2021 Show: Bloomberg’s Mike McGlone
Cover image via www.youtube.com

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Bloomberg's chief commodity strategist, Mike McGlone, believes that 2021 shows numerous earmarks for Bitcoin’s strong advance as BTC still targets $100,000.

“$100,000 in 2021 is meager by Bitcoin standards"

McGlone has taken to Twitter to share his take on Bitcoin and say that the trend is upward and the coin is going towards $100,000, rather than $20,000.

In his tweet, the Bloomberg’s expert on commodities stated that 2021 is showing many of the typical earmarks for Bitcoin’s strong advance.

He has referred to the drop in the direction of the $30,000 level as “a discount within a bull market”. 

Among these factors, as per his tweet, are the ongoing increase in the demand for Bitcoin and its adoption. Both have accelerated after the halving back in May 2020 that happened soon after Black Thursday.

$100,000 in 2021 is meager by Bitcoin standards, the title of his chart says.

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Image via Twitter

As reported by U.Today previously, in a recent Bloomberg report where Bitcoin and Ethereum were widely discussed, McGlone also stated that the flagship crypto is likely to resume growing to $100,000.

On June 9, the expert also tweeted that Bitcoin is more likely to recover to the $40,000 level than drop to $20,000.

Related
Elon Musk Reveals When Tesla Will Resume Allowing Bitcoin Payments

Current low Bitcoin volatility shows massive upside ahead: Dan Tapiero

In his recent tweet, macro investor and cofounder of Gold Bullion International, Dan Tapiero, has stated that Bitcoin has never reached a high price level with volatility being as low as it is now.

The massive rise of the flagship digital currency and the DLT analogue of gold is still ahead, he believes.

#Bitcoin has never topped with volatility this low. Massive upside still ahead. Twtr sht termers too negative. US Corp adoption unlikely despite @michael_saylor. #Btc biggest global macro event of all time. Smaller countries in NEED/alpha hungry lead.

He also reckons that US corporations are not going to adopt Bitcoin yet, despite all efforts of Michael Saylor, Bitcoin evangelist and CEO of MicroStrategy, the first listed company that began putting Bitcoin on its balance sheet.

He tweeted:

US corps aren't macro or currency oriented. It would be great if they were to convert some of their balance sheet to btc but I just don't see them as early adopters.

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About the author

Yuri is a crypto journalist interested in technology and technical innovations. He has been in crypto since 2017. Believes that blockchain and cryptocurrencies have a potential to transform the world in the future in many of its aspects. ‘Hodls’ major cryptocurrencies and has written for multiple crypto media outlets. 

His articles have been quoted by such crypto influencers as Tyler Winklevoss, John McAfee, CZ Binance, Max Keiser, etc.

Currently Yuri is a news writer at U.Today and can be contacted at yuri.molchan@u.today.