Bitcoin (BTC) The price shows signs of recovery and is currently trading above $ 39,000. Although Bitcoin’s slide to the $ 30,000 level weeks ago spooked many investors, the recovery was shorter than expected. Famous strategist and analyst Mike McGlone set a new target for Bitcoin (BTC) in a statement on the subject.
Mike McGlone targets $ 100,000 for Bitcoin
Mike McGlone emphasized that Bitcoin is still making progress towards the $ 100,000 target. In a new statement on Twitter, the seasoned name emphasized that the trend is up and that BTC will see $ 100,000 instead of $ 20,000.
The famous strategist claimed that this year’s low at $ 30,000 is actually a “discount” opportunity in the bull market. Stating that the supply of BTC declined with the reward per block halving in 2020, McGlone also noted that demand and general acceptance increased. All this actually means a price increase according to the classical supply-demand equilibrium.
$ 20,000 or $ 100,000 Next for #Bitcoin? The trend is up –
This year has many of the typical allocations for a strong advance in Bitcoin, and we see the drop towards $ 30,000 as a discount within a bull market. Supply is down in 2020, demand and adoption are increasing … pic.twitter.com/mk5rKeMD25
– Mike McGlone (@ mikemcglone11) June 13, 2021
Another famous analyst, Dan Tapiero, made similar statements. Tapiero stated that Bitcoin has yet to hit a record high. Stating that there has never been a record when Bitcoin volatility is this high, Tapiero notes that it is still the way to go. Underlining that there are still “colossal rises” ahead, the famous analyst said that institutional acceptance in the United States is not very likely yet. In Tapiero’s view, smaller countries can flock to Bitcoin.
#Bitcoin it has never surpassed such low volatility.
We still have a great advantage.
Twtr sht too negative termers.
Smaller countries in NEED / alpha hungry leader.
– Dan Tapiero (@DTAPCAP) June 14, 2021
* No investment advice.