Bloomberg analyst and strategist Mike McGlone shared his views on Bitcoin. He stated that Bitcoin will continue its bull run that started in August and after successfully standing at $50,000 at the last psychological resistance, it could rise to $100,000 with minimal resistance.
Alongside McGlone’s forecasts yesterday, metrics from analysts suggest that long-term accumulation since May may be working to push up prices. McGlone said that Bitcoin may face minor resistance on its journey towards $100,000:
“After enduring a downward correction, we see that the crypto-asset market is more likely to continue its upward trajectory rather than falling below its Q2 lows. What can stop Bitcoin and Ethereum from reaching record highs may be a more difficult question. Growing demand and adoption face dwindling supply.”
Despite JPMorgan warning that the market looks volatile, McGlone said he predicts an upside gain for crypto asset prices, but that prices may not be sustainable over the long term. According to JPMorgan analysts, the factors that represent the BTC price increase include the continued interest of the masses and investors.
McGlone predicts that ETH will go towards $5000. According to him, this is already spurred by Ethereum supply shortages on crypto-asset trading platforms. He said the demand for NFTs and DeFi will drive up prices while keeping the network active. This fact is supported by a recent analysis from JPMorgan.