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Digital Assets: Bloomberg’s Mike McGlone Charts $100K Path For Bitcoin

Crypto-assets appear in a revived and refreshed bull market, the analyst writes. Senior Bloomberg Commodity Analyst Mike McGlone weighs in with a very bullish prognosis for crypto-assets in the September edition of Bloomberg’s Crypto Outlook 2021. Considering cryptos such as bitcoin and ethereum are lifting off in the second half of the year from levels representing a steep discount to previous highs, McGlone sees bitcoin and ethereum heading to $100,000 and $5,000 respectively. McGlone: Key factors justifying a $100K price target for bitcoin The probability is higher that cryptos will resume their uptrend rather than breach lows given that bitcoin and ethereum have corrected over 50% and formed good bases of support within enduring bull markets Increasing demand and adoption are facing diminishing supply The crypto market is a revolution in money and finance in its early days Avoid the lower probability exercise of trying to pick peaks Rising quantitative easing and debt-to-GDP levels could trigger further advances in price of assets such as gold and bitcoin In terms of market capitalisation, provided its current pace of 2021 appreciation stays the same versus bitcoin, ethereum could wrest the number one spot from bitcoin towards the end of 2022 Interestingly, McGlone…

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