3 reasons why bitcoin could reach $100K this year, according to Bloomberg analyst

Written by Anna Komashko
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3 reasons why bitcoin could reach $100K this year

Bloomberg Intelligence’s senior commodity strategist expects a Bitcoin ETF to emerge in the US next month, which could push BTC prices up to $100,000. Will we see Bitcoin growth? 

Will Bitcoin price rise again?

Throughout September 2021, the world’s largest cryptocurrency, Bitcoin (BTC), experienced an intense cycle of volatility. Last week, the crackdown in China pulled bitcoin further down. Currently, the leading cryptocurrency loses 3.6%. The BTC price now is about $41,600. Will BTC price rise again?  

However, it seems that the recent actions of China did not scare off-market participants, as the market showed a significant pullback on Monday. In this regard, Mike McGlone believes that BTC will hit $100,000 sooner than expected. McGlone is confident of Bitcoin ETF approval by next month:

“There is a high likelihood that the US will follow Canada, possibly with a bitcoin futures ETF. There are currently more than 30 applications filed, and the fact that money is migrating from the US (from Katie Wood and Ark to Canada) makes US regulators say, “Okay, we are missing something, and we need to do it.”

If the increased pressure on the SEC bears fruit, the BTC price of $100,000 will not be reached by the end of 2021, but already in October.

Some of the largest financial giants in the United States are working hard to convince the SEC. For example, in September, Fidelity Investments held a private meeting with the securities regulator, where the Bitcoin ETF was most likely discussed.

Additionally, McGlon believes Bitcoin needs to catch up. After the market crash in March 2020, Ethereum surpassed Bitcoin in terms of percentage yield:

“If Bitcoin just catches up with Ethereum, it will be at $100,000. Maybe it will be about $130,000…”

The expert believes that we will see bitcoin growth in the near future. Therefore, it is necessary to invest before this growth begins. This is how you can get the maximum profit in a short time.

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