Bitcoin’s Price Will Continue To Rise As The Asset Has Unique Conditions To Do So: The Bloomberg Analyst
Bitcoin can outlast Gold and other traditional assets because it holds invincible “trump cards up its sleeve”. Is the flagship cryptocurrency that strong, and what factors play in its favor?
Why is Bitcoin doomed to success?
Current Bitcoin price turbulence is a short-term phenomenon and cannot stop the underlying upward trend of the asset’s development. Bloomberg strategist Mike McGlone is convinced of this. He identified 2 factors, thanks to which Bitcoin can not only firmly gain a foothold in the financial market, but also demonstrate a steady and gradual upward price movement.
Limited emission plays in favor of Bitcoin. It is the factor that distinguishes cryptocurrency against the background of Gold, the total amount of which is unknown. The concept of Bitcoin scarcity fits perfectly into the supply-demand market model. Analysts have repeatedly noted that a fixed supply of Bitcoin in the future could trigger a skyrocketing price increase due to increased demand.
Mike McGlone is convinced that Bitcoin will continue to rise in price, but there is no need to hope that Bitcoin will show a parabolic price increase shortly. The strategist is confident that today the flagship cryptocurrency is building up its technical strength for another breakthrough in a calm slow mode than it was several years ago. In an interview with Cointelegraph, Mike McGlone noted the following:
Mike McGlone has repeatedly criticized the promising predictions of crypto enthusiasts regarding the rapid rally in Bitcoin and its price rise to six figures, in particular, the strategist was skeptical about the Pantera Capital forecast that Bitcoin will trade at $115,000 in a year. He noted: