According to Intelligence analyst Mike McGlone, bitcoin is in a “refreshed bull market.” When comparing the cryptocurrency’s performance to the start of 2019, he stated, “we see performance parallels that could get the benchmark crypto back on track toward $100,000.”
Bitcoin is back on track to reach $100,000.
Analyst Mike McGlone’s August cryptocurrency outlook, including a price prediction for bitcoin, was released on Wednesday.
According to McGlone, bitcoin is set to turn $40,000 into support, and that “this year is prime for bitcoin to take the next step in its price-discovery stage, and we see a refreshed bull market.” He went on to say:
Bitcoin appears to have established a base around $30,000, which is comparable to $4,000 at the start of 2019, and we see performance parallels that could put the benchmark cryptocurrency back on track toward $100,000.
“The longest period below its 20-week moving average since 2018-19 suggests that weak longs have been cleansed within an ongoing bull market,” the analyst added. “What has changed in about three years is sufficient to sustain more of the same — rising prices — for the majority of Bitcoin’s history. In most countries that welcome open discourse and free-market capitalism, supply is declining while demand and adoption are increasing.”
He stated that the cryptocurrency crackdowns in China, as well as the increased regulatory efforts by the US government, are all part of bitcoin’s maturation. “The growing schism between China pushing back and the United States enforcing clearer rules may herald the start of a new and different kind of cold war. Countries that restrict capital flows risk falling behind in the digitalization of money and finance, he believes.
Furthermore, the analyst stated that “Bitcoin and gold are poised to follow the resumed upward trajectory of US Treasury bond prices in the second half… The likelihood that the bearish 1H consensus will turn out to be temporary is increasing, providing an opportunity for more-enduring bull markets to begin at a discount.”
McGlone has long been a believer in bitcoin. “The key thing about bitcoin is that I don’t see what’s going to stop it from doing what it has been doing for most of its life, which is appreciating,” an analyst said in October last year.
He stated last month that “Bitcoin is more likely to revert toward $60,000 resistance vs. $20,000 support if its history of recovering from similar too-cold conditions is any guide.”
Meanwhile, a panel of cryptocurrency experts predicts that the price of BTC will reach $318,417 by December 2025. Furthermore, 54% believe that hyperbitcoinization (when bitcoin overtakes global finance) will occur by 2050.