Well-known Bloomberg analyst Mike McGlone is still behind his bitcoin (BTC) price forecast. The analyst has been expecting for some time that the price can rise a lot further than the current price level. McGlone expects that bitcoin could eventually hit $ 100,000.
In a tweet today, the analyst showed why he expects this. First, he notes that the recent over 50% crash “supports a bull market and the path to $ 100,000.” In addition, he shows in a graph the decreasing stock of bitcoins and the accompanying rising BTC price:
Bitcoin has taken a dip for reasons supporting an extended bull market and a path to $ 100,000. A bit hot in April, a primary factor cited for the crypto correction - excessive power consumption - represents the power of the world's largest decentralized network and that it is getting greener. ”
With the ever-decreasing stock, the price of bitcoin continues to rise, even if investor demand would remain the same. However, it appears that more and more small as well as large investors are entering the market which could potentially provide further acceleration as we have seen in recent months.
A bitcoin price of $ 100,000 is also mentioned by the Dutch analyst PlanB. He is known for applying the stock-to-flow (S2F) to bitcoin that has held up so far. This model also shows a price of $ 100,000, but much higher than that in the long run.