• According to data, Bitcoin is still on track to reach $100,000 by the end of 2021

  • Bloomberg Intelligence’s chief commodity strategist, Mike McGlone, believes Bitcoin can still reach the $100,000 mark by the end of the year.

    McGlone stated on Twitter that the price target is supported by a number of factors, including past Bitcoin trading trends.

    According to McGlone, Bitcoin has maintained a consistent average annual price growth, putting the $100,000 target within reach. Bitcoin is currently trading at $47,940, attempting to break the $50,000 barrier.

    McGlone believes that the limited supply of Bitcoin, which is capped at 21 million coins, is another driver for the $100,000 mark. As a result of this feature, proponents claim that Bitcoin is the best hedge against inflation. Historically, as Bitcoin’s mining difficulty has increased, the value of the existing supply of coins has increased.

    In comparison, central bank-supplied currency has no hard limits, with governments free to print as much money as they want, potentially leading to high inflation.

    In comparison, currency supplied by central banks does not have hard limits, with governments free to print any number of money provided, which can potentially result in high inflation.

    “Can Bitcoin Reach $100,000 in 2021? Five Charts Show Potential – Past #Bitcoin trading trends and the crypto’s declining supply vs mainstream adoption suggest a significant advance in 2021, potentially to $100,000, we believe,” said McGlone.

    The activity of the institution

    Notably, the asset began a bull run early this year, with institutional investors pouring more money into it. According to the strategist, institutional activity will most likely push Bitcoin to a new high.

    Notably, with the majority of institutions showing interest in Bitcoin, the asset has attempted to break through a new price level. After cryptocurrency exchange Coinbase went public in April, the asset reached a new high of $64,800.

    However, the asset has corrected by nearly 50% as a result of China’s increased regulatory crackdown. McGlone stated at the time that the asset would withstand the crackdown, noting that the move had helped Bitcoin highlight its revolutionary value. He insisted that recent corrections are not a sign of impending doom.

    What's your reaction?