Mike McGlone: Bitcoin could reach $ 100,000 in the medium term

Bloomberg analyst Mike McGlone believes that Bitcoin and Ethereum have found strong support in the past months and are in a growth phase. The Bitcoin rate, in his opinion, may well reach $ 100,000.

In the next report of the Bloomberg Galaxy Crypto Index, Mike McGlone writes that the current situation is very similar to 2019, when the rate of the first cryptocurrency fell to $ 4,000 and then began to grow. The analyst believes that the bulls are now preparing for the "next step in the renewed market." 

"Bitcoin seems to have found support around the $ 30,000 mark, just as it did at $ 4,000 in early 2019. We see parallels with those events, and, apparently, Bitcoin may well reach $ 100,000," 

said Mike McGlone.

The analyst emphasized that the rate of the first cryptocurrency was below the 20-week moving average for a long time. This suggests that "weak" buyers have sold their BTC. Mainly, "solid bulls" remained on the market. At the same time, most of the fundamental factors speak in favor of buying Bitcoins. 

"Bitcoin is becoming digital gold, the whole world is moving in this direction. Ethereum is a platform for digitalizing money and finance," 

says McGlone.

At the end of March, a Bloomberg analyst said that this year the rate of the first cryptocurrency could reach $ 400,000. It seems that he has since revised his forecasts.