Bitcoin Price Prediction Of $100,000 Could Come as Early As Next Month!

Bitcoin Price Prediction Of $100,000 Could Come as Early As Next Month!

$100,000 Bitcoin Price Could Come as Early as Next Month - Mike McGlone

In this video, Mike McGione maintains that Bitcoin and Etherum are becoming investors' preferred choice, compared to gold. Here is the summary of the content:

Mike was asked to shed light on his latest report from Bloomberg Intelligence that Bitcoin would reach 100k this year. He stated that the possibility is very high. One of the reasons is that there's still a high probability that the US will follow Canada in approving the Bitcoin exchange traded fund (ETF). He noted that: "The fact that there are now over 30 applications and that money is migrating from the US and notably from Cathie Wood and Ark Invest, the pressure is quite strong and high for the US regulators to approve ETFs."

In the bigger picture, Mike added, the foundation started last year. Looking at it from a commodity standpoint, supplies are declining while demand is increasing. Also, looking at the history of Bitcoin, when the supply is reduced, which happened last year, Bitcoin always has one of its best performances.

By the end of October, we should see some positive development around Bitcoin, said Mike. He believes that there will be a futures-based ETF, which will track most commodities, crude oil, corn, pepper, and many other instruments. He noted that futures-based ETFs might not be the best thing but it's better than nothing.

Mike recalled that Canada has just opened the legitimization window for a massive amount of money inflows. So, he maintains that if a Bitcoin ETF is launched in the US, Bitcoin could speedily hit $100,000 for the following reasons:

First of all, historically, when Bitcoin hit $1,000, it held resistance here from 2013 to 2017 until it rose to $10,000 and was there for a few years, forming a resistance. So, once it broke the $10,000 mark, we should be expecting $100,000. That's the history

A simple macroeconomic factor is the outflow of money from gold into Bitcoin. Many investors now give up gold to buy Bitcoin and Ethereum. God is down by 7% while Bitcoin is up by 70% and Ethereum 40is 0%. "This shows the tech guys are inheriting the earth," Mike asserted.

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