Bitcoin is the “fastest horse in the race”: Bloomberg Analyst

Sahana Kiran
Source – Unsplash

The crypto-verse was hit hard by the bears further prompting the downfall of the entire market. While some went on a selling spree, a few others filled up their pockets with more crypto. Amidst this, several analysts were seen making predictions pertaining to the price movement of Bitcoin [BTC] and other digital assets.

Mike McGlone, a senior Bloomberg analyst has time and again made forecasts with regard to Bitcoin’s price. Despite the king coin’s struggle to move past $20K, McGlone continued to stick to his prediction of BTC hitting $100,000.

Appearing in a recent interview with Stansberry Research McGlone noted that the asset’s limited supply and increased adoption would drive its price. However, these weren’t the only factors, he further added,

“So Bitcoin, I think it’s [only] a matter of time [until] it appreciates towards that $100,000 level. And at some point, it’s going to just slip in and kick into that bull market – maybe at the same time gold and treasury bonds do in terms of price.”

In addition to this, he suggested that Bitcoin was currently the “fastest horse in the race.” McGlone even noted the possibility of Bitcoin sooner or later emerging at par with gold. He said,

“I’m not bearish on gold, but you got to have Bitcoin in that space with gold because it is becoming global digital collateral.”

Bitcoin and its current levels

As mentioned earlier, Bitcoin has struggled quite a bit to move beyond $20K. Even during press time, the king coin was trading for $19,178 with a daily price drop of 2 percent. McGlone, however, believes that Bitcoin was setting up a foundation around its current price levels.

He said,

“[..] like it did around $5,000 in 2018-19. It did get as low as $3,000 and here we are $19,020. So that’s what Bitcoin does. It only goes down after it goes up a lot.”

Furthermore, he pointed out that BTC is at its “most discounted it’s ever been on a 100-week and 200-week moving average.” While Bitcoin continues to attain solid ground, McGlone’s latest prediction is likely to have brought about hope to many.