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Bloomberg's Mike McGlone Claims $100,000 Still in Cards, Shares Strong Bitcoin Underpinnings for 2021

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Tue, 05/25/2021 - 13:54
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Yuri Molchan
Chief Bloomberg strategist believes that Bitcoin will reach $100,000 despite the setback and has shared some strong factors at play for BTC this year
Bloomberg's Mike McGlone Claims $100,000 Still in Cards, Shares Strong Bitcoin Underpinnings for 2021
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The leading commodity strategist of Bloomberg, Mike McGlone, has taken to Twitter to share his take on whether the massive Bitcoin correction is going to delay the flagship cryptocurrency from reaching $100,000.

He remains bullish on the largest crypto.

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"Bitcoin is still on a path to $100,000, despite correction"

McGlone has tweeted that Bitcoin's setback was caused by the same reasons that support the current BTC bull market on its way toward the $100,000 level. This prediction for 2025 was made by the strategist last year.

The main factor that triggered the 54 percent BTC correction is its carbon footprint—politely referred to as "extensive energy use" in the tweet.

However, the strategist has pointed out that it represents the strength of Bitcoin and the fact that BTC is "getting greener."

Mike McGlone has also shared a chart that shows "strong Bitcoin underpinnings" for this year. The second chart shows a Bitcoin supply that has been sharply declining.

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Image via Twitter

At press time, Bitcoin is changing hands at $37,377, according to data from CoinMarketCap.

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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.