Mike McGlone: The minimum price for bitcoin is $ 100,000. - Kakiforex.com - Financial Market Media No. 1 in the World Mike McGlone: The minimum price for bitcoin is $ 100,000. Mike McGlone: The minimum price for bitcoin is $ 100,000.

May 3, 2021

Mike McGlone: The minimum price for bitcoin is $ 100,000.

 While bitcoin is "aiming" for a new round of downward correction, many crypto experts continue to predict new price highs for the "cue ball." Ordinary analysts predict $ 70,000 per coin in the near future, although a week ago, forecasts spoke of a range of $ 30-40 thousand. However, in the world of bitcoin, everything is changing very quickly, so a new batch of forecasts "from $ 100,000 and above" was not long in coming. Bloomberg strategist Mike McGlone gave three reasons why bitcoin will continue to rise in price. McGlone believes that bitcoin is integrated into the activities of Tesla, the issue of ETFs based on it, and the adoption of cryptocurrency by humanity as a worthy replacement for fiat money will continue to push the rate of "digital gold" up. McGlone also called bitcoin "the right asset in a world that is slowly moving to digital technologies." As a goal, McGlone indicated the level of $ 100,000 per coin. Although just at the end of March, he also talked about reaching the $ 400,000 mark this year. However, the forecast does not ask for proof. You can call any numbers and adjust any factors to them.

Meanwhile, the latest financial report of the most famous bitcoin owner in the world, Microstrategy, showed that the company is set up for further investment in the "cue ball" and may well sell the cryptocurrency. Recall that recently Tesla announced the sale of bitcoins for $ 272 million, approximately 10% of its digital assets. Thus, two companies at once, whose names many associates with bitcoin, began to hint at selling or selling bitcoin "under a plausible pretext." From our point of view, this is a "wake-up call." We will not be surprised if the financial statements show a new small decrease in the number of bitcoins on the balance sheet of both companies. After all, you can't sell 91,000 bitcoins at once (that's how much Microstrategy has on its balance sheet). The price may immediately fall. Even during the sale itself, it may begin to fall. And the next day after such a transaction, the quotes may even fall. After all, do not forget that about 19 million coins are mined at the moment, but at the same time, there are more than 4 million in circulation, and maybe much less. All this makes the bitcoin market very "thin," where any serious transaction can seriously affect the current "digital gold" rate.

By the way, on the hourly timeframe, there is a situation in which the upward trend of recent days may be broken in the near future. If a few days ago the quotes of the "cue ball" were fixed above the descending trend line, then today they can be fixed below the ascending trend line, which will increase the probability of resuming the corrective movement on the 24-hour timeframe.