As of publication, Bitcoin bulls are still gearing up for a price retest above $40,000 after spending the last 48 hours building momentum at $38,000. Managing to keep the green light blinking has been difficult for the majority of the assets, including Bitcoin. But the road ahead might be extremely bullish, asserts Mike McGlone, the senior commodity strategist at Bloomberg.
Bitcoin is headed for $100k days Bloomberg
McGlone is bullish on Bitcoin for the long term, and for good reasons. Baring it all out in Bloomberg’s recent Crypto Outlook piece, McGlone asserts that Bitcoin’s temporary destination will be at $40,000. Meaning that once the asset settles at $40,000, a price level it is very close to, the bull market will peak for a while.
“About $40,000 may be the Bitcoin cap for a while within what we see as a resting crypto-asset bull market.” Bloomberg.
In addition, McGlone predicts that Bitcoin’s next move from then on will be upwards. As opposed to some analysts’ calling below $20,000, McGlone says Bitcoin is more likely to head for the highly anticipated $100,000 level.
“Bitcoin is more likely to resume appreciating toward $100,000 resistance rather than sustaining below $20,000.”
JPMorgan is even more bullish but sights a major price decline ahead
McGlone’s predictions are bullish for the asset, but a JPMorgan analyst Nikolaos Panigirtzoglou is even more confident in the bulls ability to drive prices above the $100,000 mark. In a note to clients, Panigirtzoglou explains that Bitcoin could hit $145,000 but a crash is just a few steps ahead.
“The fair value for bitcoin based on a volatility ratio of Bitcoin to gold of around x4 would be 1/4th of $145k or $36k. The fair value for Bitcoin based on the current volatility ratio of Bitcoin to gold of around x6 would be 1/6th of $145k or $24k. We thus see a fair value range of $24k to $36k over the medium term.”
The different analytical viewpoints from industry observers tell us one thing: Bitcoin will hit $100,000. However, the swiftness of this is unknown.
A Bitcoin ETF Coming?
Meanwhile, the market chaos doesn’t take away from the fact that many Bitcoiners still have their eyes prepped out for when a Bitcoin ETF will be approved.
Bloomberg fuels the industry’s optimism as it declares that there is an increased possibility that the United States may finally restructure its regulatory guidelines to favor the launch of a Bitcoin exchange-traded fund in the near term.