‘Discounted’ Bitcoin more likely to hit $100K than $20K in 2021, says Bloomberg analyst

‘Discounted’ Bitcoin more likely to hit $100K than $20K in 2021, says Bloomberg analyst


Despite a massive drawdown in May, the Bitcoin (BTC) bull market appears to be intact, with a $100,000 price target more likely than a retrace to $20,000, according to Mike McGlone, Bloomberg’s senior commodity strategist. 

$20K or $100K in 2021?

The June 2021 edition of the Bloomberg Galaxy Crypto Index report described Bitcoin as ‘stronger, greener and less extended’ than during the height of the rally in April. For that reason, the flagship digital currency is more likely to reach the coveted six-figure mark this year than incur a deeper correction back down to 2017 highs.

Trending: 8 BOXES REMAIN – Hand Recount Nearly FINISHED – HUGE Discrepancies Expected – NO BALLOTS = NO VICTORY

McGlone cited an overextended rally, Chinese restrictions and unwarranted focus on Bitcoin’s energy use as the primary catalysts for the May correction, which included a more than 50% drawdown peak-to-trough.

“Bitcoin’s 2021 Foundation Is FIrm,” McGlone wrote, adding:

“Toward the end of 2020, Bitcoin’s history suggested the crypto would move sharply higher in 2021, and we see improving supports for this.”

He continued:

“In 2020, 260-day volatility dropped

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