Bitcoin (BTC) has successfully managed to break past its strong barrier of $50,000. As of press time, BTC is trading 2.45% up at $50,306 and a market cap of $945 billion. For now, it seems that Bitcoin bulls have been dominating the charts.
Bloomberg’s senior commodity strategist Mike McGlone believes that Bitcoin will continue to surge further and its road to $100,000 has the least resistance. This prediction comes amid the revived bull market since the beginning of August 2021 or Late July.
In the last 40 days, the BTC price has appreciated more than 66% so far. Furthermore, the on-chain metrics show that Bitcoin’s address activity has picked up strongly over the last few weeks. Commenting towards a broader market recovery, McGlone writes:
“After enduring a gut-wrenching correction, we see the crypto market more likely to resume its upward trajectory than drop below the 2Q lows. What could stop Bitcoin and Ethereum from achieving record highs in 2H may be the more elusive question. Increasing demand and adoption are facing diminishing supply”.
McGlone is not the only among the list of seasoned market analysts to predict $100K for Bitcoin. SkyBridge Capital’s Anthony Scaramucci also made a similar prediction recently.
In his analysis, McGlone further talks about the recent rally in Ethereum (EHT). The world’s second-largest crypto has now reached close to $4000 levels on Friday, September 3. Ethereum (ETH) has posed a solid rally literally doubling in value from its July 21 levels.
The world’s second-largest cryptocurrency is just 10% from its all-time high level of $4400. McGlone expects the ETH price rally to continue to $5000 i.e. further 25% up from the current levels.
McGlone point outs the decline in the supply of ETH at exchanges as a strong sign of a continued bull run. Furthermore, the massive NFT craze on Ethereum is keeping the network activity on an uptick. Looking at the other global macros, MgGlone’s belief is that the crypto market is largely to benefit from it and BTC and ETH will be at the driving seat of the bull run.
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