{"id":467194,"date":"2021-07-09T17:00:29","date_gmt":"2021-07-09T17:00:29","guid":{"rendered":"https:\/\/wncen.com\/?p=467194"},"modified":"2024-06-11T13:56:57","modified_gmt":"2024-06-11T13:56:57","slug":"how-bitcoin-gets-to-100000","status":"publish","type":"post","link":"https:\/\/wncen.com\/news\/how-bitcoin-gets-to-100000\/","title":{"rendered":"Bloomberg Analyst Provides Blueprint Of Bitcoin Path To $100,000"},"content":{"rendered":"

Bitcoin price predictions have been a hot topic for a while now. Bloomberg Analyst, Mike McGlone believes that the price of BTC hitting $100,000 is tied to the asset following ethereum. This came in the monthly cryptocurrency newsletter sent out by Bloomberg Crypto Outlook. McGlone said this in the July version of the newsletter that was recently published.<\/p>\n

McGlone commented on the performance of ethereum, putting it as the top market leader so far since the bull market began. Ethereum has consistently outperformed BTC in the market in recent years. But even as the coin grows in popularity, BTC continues to take the lead. Bitcoin still boasts of a market cap twice that of ethereum and it does not seem to be stopping yet.<\/p>\n

Related Reading |\u00a0I Stand By My $100,000 Bitcoin Price Target, Anthony Scaramucci<\/a><\/strong><\/em><\/p>\n

Bitcoin comes with countless merit as a decentralized coin. These add up to the reasons why $100,000 might not be an outrageous prediction for the price. Given the massive run-up this year, there is no telling where the next run-up will end up.<\/p>\n

$100,000 Is Tame For Bitcoin<\/h2>\n

In the newsletter<\/a>, McGlone highlights the potential for bitcoin. Stating that the coin $100,000 mark is still pretty tame for the flagship cryptocurrency. \u201cBased on its history, a bottom line for BTC in 2021 is that the price advance to May 24 is a round error,\u201d McGlone said. \u201cThe 2020 halving came amid unprecedented global fiscal and monetary stimulus, along with institutions tilting toward Bitcoin allocations.\u201d<\/p>\n

Continuing on, he highlighted the possibilities of BTC becoming a major value reserve for financial markets at large. Bitcoin has no doubt shown tremendous promise in its ability to be a store of value for both individuals and institutions alike.<\/p>\n

\"Bitcoin<\/p>\n

BTC price declines as bearish sentiment intensify | Source: BTCUSD on TradingView.com<\/a><\/pre>\n
Talking on this, the Bloomberg analyst said; \u201c The chance that the crypto becomes the digital reserve asset and stays the course it\u2019s charted over most of the past decade is increasingly outweighing the loss of a small portion of a portfolio.\u201d<\/p>\n
With BTC becoming stronger, greener (courtesy of the China mining crackdowns), and less extended, this proves to be a likely path towards $100,000. The newsletter cited that the asset\u2019s correction in April was due to excessive energy use and this shows the strength of bitcoin, which is the world\u2019s largest decentralized network. Confirming that the actions of China on crypto mining have only shown the benefits of BTC and now, miners have set their sights on using renewable energy for their mining operations.<\/p>\n
Strong 2021 Foundation<\/h2>\n
Bitcoin has so far shown a strong and solid foundation in 2021. This is part of the reason why the coin price has held up so well despite losing over 50% of its value in a couple of months.<\/p>\n
Using bitcoin\u2019s history to date, McGlone said in the newsletter that this history points towards the digital asset moving higher in 2021 quite sharply. And the data on the charts seem to back this up.<\/p>\n
Bitcoin\u2019s declining supply is also a huge factor in this increase in price that looms on the charts. Bitcoin\u2019s scarcity model makes sure that with each BTC mined, the coins are more valuable than ever. Capped at 21 million, there will be no more BTC once the last BTC is mined.<\/p>\n
Related Reading |\u00a0Bitcoin Drops 6% In 24 Hours, Why This Might Trigger A Bullish Rally<\/a><\/strong><\/em><\/p>\n
With institutional players coming into the market and buying up large numbers of coins at a time, the time where demand will be higher than supply is fast approaching. Coins being bought and taken to holding wallets means fewer coins available for buyers and traders.<\/p>\n
Halvings happening every four years adds to this already boosted BTC train. Halvings are when the rewards for BTC mining are cut in half. The latest halving which happened in 2020 has left bitcoin mining rewards at 6.25 per block. By the next halving in 2024, the bitcoins reward per block will be 3.125.<\/p>\n
A combination of these factors might just be the push that BTC needs to finally break $100,000.<\/p>\n
Featured image from Inverse, chart from TradingView.com<\/pre>\n","protected":false},"excerpt":{"rendered":"
Bitcoin price predictions have been a hot topic for a while now. Bloomberg Analyst, Mike McGlone believes that the price of BTC hitting $100,000 is tied to the asset following ethereum. This came in the monthly cryptocurrency newsletter sent out by Bloomberg Crypto Outlook. McGlone said this in the July version of the newsletter that was recently published. McGlone commented on the performance of ethereum, putting it as the top market leader so far since the bull market began. Ethereum has consistently outperformed BTC in the market in recent years. But even as the coin grows in popularity, BTC continues to take the lead. Bitcoin still boasts of a market cap twice that of ethereum and it does not seem to be stopping yet. Related Reading |\u00a0I Stand By My $100,000 Bitcoin Price Target, Anthony Scaramucci Bitcoin comes with countless merit as a decentralized coin. These add up to the reasons why $100,000 might not be an outrageous prediction for the price. Given the massive run-up this year, there is no telling where the next run-up will end up. $100,000 Is Tame For Bitcoin In the newsletter, McGlone highlights the potential for bitcoin. Stating that the coin $100,000 mark is still pretty tame for the flagship cryptocurrency. \u201cBased on its history, a bottom line for BTC in 2021 is that the price advance to May 24 is a round error,\u201d McGlone said. \u201cThe 2020 halving came amid unprecedented global fiscal and monetary stimulus, along with institutions tilting toward Bitcoin allocations.\u201d Continuing on, he highlighted the possibilities of BTC becoming a major value reserve for financial markets at large. Bitcoin has no doubt shown tremendous promise in its ability to be a store of value for both individuals and institutions alike. BTC price declines as bearish sentiment intensify | Source: BTCUSD on TradingView.com Talking on this, the Bloomberg analyst said; \u201c The chance that the crypto becomes the digital reserve asset and stays the course it\u2019s charted over most of the past decade is increasingly outweighing the loss of a small portion of a portfolio.\u201d With BTC becoming stronger, greener (courtesy of the China mining crackdowns), and less extended, this proves to be a likely path towards $100,000. The newsletter cited that the asset\u2019s correction in April was due to excessive energy use and this shows the strength of bitcoin, which is the world\u2019s largest decentralized network. Confirming that the actions of China on crypto mining have only shown the benefits of BTC and now, miners have set their sights on using renewable energy for their mining operations. Strong 2021 Foundation Bitcoin has so far shown a strong and solid foundation in 2021. This is part of the reason why the coin price has held up so well despite losing over 50% of its value in a couple of months. Using bitcoin\u2019s history to date, McGlone said in the newsletter that this history points towards the digital asset moving higher in 2021 quite sharply. And the data on the charts seem to back this up. Bitcoin\u2019s declining supply is also a huge factor in this increase in price that looms on the charts. Bitcoin\u2019s scarcity model makes sure that with each BTC mined, the coins are more valuable than ever. Capped at 21 million, there will be no more BTC once the last BTC is mined. Related Reading |\u00a0Bitcoin Drops 6% In 24 Hours, Why This Might Trigger A Bullish Rally With institutional players coming into the market and buying up large numbers of coins at a time, the time where demand will be higher than supply is fast approaching. Coins being bought and taken to holding wallets means fewer coins available for buyers and traders. Halvings happening every four years adds to this already boosted BTC train. Halvings are when the rewards for BTC mining are cut in half. The latest halving which happened in 2020 has left bitcoin mining rewards at 6.25 per block. By the next halving in 2024, the bitcoins reward per block will be 3.125. A combination of these factors might just be the push that BTC needs to finally break $100,000. Featured image from Inverse, chart from TradingView.com<\/p>\n","protected":false},"author":541,"featured_media":467195,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[3],"tags":[428,1119,1144,78790,79520,79589],"class_list":["post-467194","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news","tag-bitcoin","tag-btc","tag-btcusd","tag-btcusdt","tag-xbtcusd","tag-xbtusd-btcusdt"],"acf":[],"yoast_head":"\nBloomberg Analyst Provides Blueprint Of Bitcoin Path To $100,000<\/title>\n<meta name=\"description\" content=\"Bitcoin price predictions have been a hot topic for a while now. 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Best is a highly skilled professional with a track record of producing engaging and informative content. With a keen eye for detail and a passion for accuracy, Best is committed to ensuring that each article published meets the highest standards of quality. Best has over six years of experience in the crypto industry and has overseen the creation and publishing of thousands of articles over the years. Best is always abreast of everything that is going on in the crypto industry in order to create and curate the most relevant content for readers. This shines through in Best\u2019s publications, which are always clear and concise, enabling easy reading and understanding for all. Best is also an avid learner and advocate for new technology. This has seen Best dive into topics in areas such as decentralized finance (DeFi), non-fungible tokens (NFTs), Layer 2 blockchains, etc. In addition to this, Best is a vocal member of the crypto community across various social media platforms such as X and Reddit. Best\u2019s work garners tens of thousands of readers monthly, who rely on the information in these publications to keep up-to-date with everything happening in the crypto community. Best\u2019s articles explore breaking news, intricate systems such as yield farming, liquidity pools, and other decentralized finance (DeFi) systems. This is because Best understands the importance of information to gaining financial freedom and believes that everyone should have access to this information. Best also believes in leveraging the blockchain for philanthropy to create the most positive social impact. This involves work with charitable organizations focused on financial literacy and education. With each article, Best lends a voice to important issues such as a more financially inclusive future, transparent systems for growth and development, and technology that is not self-serving but one that serves all of humanity. When not curating engaging content, Best can be found reading a book with a cup of hot chocolate, enjoying a Netflix series, or exploring the outdoors with Green - the world\u2019s most quiet and well-behaved Husky. Best\u2019s interests also span other industries such as art, finance, and security, attending seminars and conferences in not just the crypto industry but other industries as well. As an animal lover, Best is also involved with charities for animals, local shelters, and rescues. Best is also involved in local events that promote inclusivity, such as being a prominent member of hiking clubs and a cycling club, as well as being a part of a very happy group of animal lovers. Best is a true professional in every sense of the word, with an exceptional dedication to producing high-quality work. This shines through in Best's work on and off the clock. These include advocating for inclusive crypto education for all, the impact of financial illiteracy, and the benefits of adopting new technologies such as cryptocurrencies. Best\u2019s prolific career in the media industry is a testament of how hard work and dedication pays.","sameAs":["https:\/\/www.linkedin.com\/in\/best-owie-41a150178\/","https:\/\/x.com\/https:\/\/twitter.com\/BestOwie"],"url":"https:\/\/wncen.com\/author\/owiebest\/"}]}},"parsely":{"version":"1.1.0","meta":{"@context":"https:\/\/schema.org","@type":"NewsArticle","headline":"Bloomberg Analyst Provides Blueprint Of Bitcoin Path To $100,000","url":"http:\/\/wncen.com\/news\/how-bitcoin-gets-to-100000\/","mainEntityOfPage":{"@type":"WebPage","@id":"http:\/\/wncen.com\/news\/how-bitcoin-gets-to-100000\/"},"thumbnailUrl":"https:\/\/wncen.com\/wp-content\/uploads\/2021\/07\/bitcoin-100k.jpeg?resize=200%2C200","image":{"@type":"ImageObject","url":"https:\/\/wncen.com\/wp-content\/uploads\/2021\/07\/bitcoin-100k.jpeg?fit=1200%2C630"},"articleSection":"Cryptocurrency Market News","author":[{"@type":"Person","name":"Best Owie"}],"creator":["Best Owie"],"publisher":{"@type":"Organization","name":"NewsBTC","logo":"https:\/\/wncen.com\/wp-content\/uploads\/2020\/06\/cropped-cropped-cropped-favicon.png?w=32"},"keywords":["bitcoin","btc","btcusd","btcusdt","xbtcusd","xbtusd. btcusdt"],"dateCreated":"2021-07-09T17:00:29Z","datePublished":"2021-07-09T17:00:29Z","dateModified":"2024-06-11T13:56:57Z"},"rendered":"<script type=\"application\/ld+json\">{\"@context\":\"https:\\\/\\\/schema.org\",\"@type\":\"NewsArticle\",\"headline\":\"Bloomberg Analyst Provides Blueprint Of Bitcoin Path To $100,000\",\"url\":\"http:\\\/\\\/wncen.com\\\/news\\\/how-bitcoin-gets-to-100000\\\/\",\"mainEntityOfPage\":{\"@type\":\"WebPage\",\"@id\":\"http:\\\/\\\/wncen.com\\\/news\\\/how-bitcoin-gets-to-100000\\\/\"},\"thumbnailUrl\":\"https:\\\/\\\/wncen.com\\\/wp-content\\\/uploads\\\/2021\\\/07\\\/bitcoin-100k.jpeg?resize=200%2C200\",\"image\":{\"@type\":\"ImageObject\",\"url\":\"https:\\\/\\\/wncen.com\\\/wp-content\\\/uploads\\\/2021\\\/07\\\/bitcoin-100k.jpeg?fit=1200%2C630\"},\"articleSection\":\"Cryptocurrency Market News\",\"author\":[{\"@type\":\"Person\",\"name\":\"Best Owie\"}],\"creator\":[\"Best Owie\"],\"publisher\":{\"@type\":\"Organization\",\"name\":\"NewsBTC\",\"logo\":\"https:\\\/\\\/wncen.com\\\/wp-content\\\/uploads\\\/2020\\\/06\\\/cropped-cropped-cropped-favicon.png?w=32\"},\"keywords\":[\"bitcoin\",\"btc\",\"btcusd\",\"btcusdt\",\"xbtcusd\",\"xbtusd. btcusdt\"],\"dateCreated\":\"2021-07-09T17:00:29Z\",\"datePublished\":\"2021-07-09T17:00:29Z\",\"dateModified\":\"2024-06-11T13:56:57Z\"}<\/script>","tracker_url":"https:\/\/cdn.parsely.com\/keys\/wncen.com\/p.js"},"jetpack_sharing_enabled":true,"jetpack_featured_media_url":"https:\/\/wncen.com\/wp-content\/uploads\/2021\/07\/bitcoin-100k.jpeg?fit=1200%2C630","amp_enabled":true,"_links":{"self":[{"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/posts\/467194"}],"collection":[{"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/users\/541"}],"replies":[{"embeddable":true,"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/comments?post=467194"}],"version-history":[{"count":0,"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/posts\/467194\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/media\/467195"}],"wp:attachment":[{"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/media?parent=467194"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/categories?post=467194"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/tags?post=467194"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}