• Bloomberg Intelligence’s senior strategist Mike McGlone believes the set-up for Bitcoin to soar is forming already.
• McGlone believes that BTC has enough fundamental backing to chart its growth curve and reach $100,000 in price.
• He thinks the upcoming halving event will create a great set up for Bitcoin in 2024 with all investors realizing they need part of this asset.
Overview of Bloomberg Analyst’s Prediction
Mike McGlone, a senior macro strategist at Bloomberg Intelligence believes that Bitcoin is forming the right set up to soar in its price before and after the April halving event. He estimates that if it continues on this trajectory, BTC could potentially reach as high as $100,000.
McGlone notes that Bitcoin currently has enough fundamental backing to chart its growth curve and reach this high price point. The digital currency is currently trading for $26,740.60, down by more than 4.2 percent over the past 24 hours but may be able to take off soon with positive momentum from investors and institutions around the world who are recognizing its value more and more each day.
The Halving Event
The halving event slated for April 2024 is expected to be a major factor driving BTC prices higher in the coming year according to McGlone. It will also be a great setup due to a potential recession with all politics leaning Republican at least presidential wise which would make it an attractive investment option during difficult economic times.
Is $100K Achievable?
At this time it is too early to tell if Bitcoin will reach such lofty heights but there are certainly some indicators suggesting that it could do so given enough time and patience from investors and speculators alike. Additionally, if BTC can decouple itself from its correlation with S&P 500 then it may have better chances of reaching such levels in the future when economic conditions improve again post-recession or similar events drive demand higher again as well as institutional investments into cryptocurrencies like never before seen before now.
While no one can provide an exact answer as to what Bitcoin’s price will be in the future or at what time it will achieve certain milestones like reaching $100K – there are certainly those who believe that given enough time and positive market conditions – this goal could indeed become reality sooner rather than later making headlines worldwide!