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Famous analyst says: Bitcoin at $100k is easier than $20,000

The fall of Bitcoin in May caused the cryptocurrency to register one of its worst months in history, with a 35% retreat. However, the BTC bull market remains intact. According to Bloomberg analyst Mike McGlone, Bitcoin is more likely to hit $100,000 than fall back to $20,000.

Bloomberg’s senior commodities strategist said that, despite the decline, the digital fear remains strong.

Bitcoin at $100,000

While Bitcoin’s decline has raised rumors of a possible bear market, this is not the case. The June issue of the Bloomberg Galaxy Crypto Index report points out that Bitcoin is stronger now than it was during the peak of the April rally.

For that reason, the cryptocurrency is more likely to reach $100,000 this year than to post a correction back to 2017 highs.

As highlighted by the analyst, several factors contributed to the correction in May, when the BTC dropped 50%.

Among them, McGlone highlighted Bitcoin’s overextended rally, Chinese restrictions and unwarranted focus on its energy consumption.

Bitcoin comes out of the fall strengthened

For Bloomberg strategist, these factors led to the fall, but strengthened Bitcoin as an asset.

“Towards the end of 2020, the Bitcoin story suggested that cryptocurrencies would dramatically increase in 2021. And we see improvements in support for that,” he said.

The analyst further noted that in 2020, the 260-day volatility fell to the lowest level compared to most asset classes.

Finally, McGlone mentioned that BTC halving, institutional adoption and ETFs are positive for cryptocurrency.

“We see greater potential for Bitcoin to reach $100,000 than sustaining below $20,000,” he concluded.

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