Widely followed Bloomberg Intelligence commodity analyst Mike McGlone says the path of least resistance for Bitcoin is upward past $100,000.
In a new report, McGlone says now that the crypto markets have survived a devastating correction, they should be ready to resume a macro trend upward.
“After enduring a gut-wrenching correction, we see the crypto market more likely to resume its upward trajectory than drop below the 2Q lows. What could stop Bitcoin and Ethereum from achieving record highs in 2H (second half) may be the more elusive question. Increasing demand and adoption are facing diminishing supply…
The crypto market may be just hype and speculation, or it could be a revolution in money and finance that’s in early price discovery days. Our bias is with the latter. Why complicate an enduring trend, notably in the aftermath of a sharp correction and with adoption still growing, as evidenced by a plethora of news stories?”
According to McGlone, Bloomberg’s