When Will Bitcoin Reach $100,000? Here's What Renowned Analysts Say
Bitcoin, the world's leading cryptocurrency, has been on a roller coaster ride in 2023. After reaching an all-time high of over $60,000 in March, it plunged to below $30,000 in May, before recovering to around $40,000 in June. Many investors and traders are wondering when Bitcoin will break the $100,000 barrier and reach new heights. In this article, we will look at what some renowned analysts have to say about Bitcoin's future price potential.
Mike McGlone: More Likely to Reach $100k Than Dip to $20k in 2021
Mike McGlone, a senior commodity strategist for Bloomberg Intelligence, is one of the most bullish analysts on Bitcoin. He projects that it's more likely Bitcoin will rise to a value of $100,000 than that it will dip to $20,000, according to a new report released this week. He bases his prediction on the growing adoption of Bitcoin as a digital store of value and a hedge against inflation. He also points out that Bitcoin's supply is limited to 21 million coins, while its demand is increasing due to institutional and retail interest.
Marshall Beard: Bitcoin Could Test New Highs in 2021
Marshall Beard, chief strategy officer at U.S.-headquartered cryptocurrency exchange Gemini, said $100,000 could be a possibility for Bitcoin. “I think bitcoin probably breaks all-time highs this year,” Beard said, adding that the $100,000 price figure is an “interesting number.” He made his comments in an interview with CNBC in March. He believes that Bitcoin's fundamentals are strong and that it has a lot of room to grow as more people and institutions adopt it as a form of money and an asset class.
PlanB: Bitcoin Will Break $100k After 2024 Halving
PlanB, the creator of the popular Stock-to-Flow (S2F) Bitcoin price prediction model, has shared his latest forecast for the leading crypto. According to PlanB, Bitcoin is set to break the $100,000 mark following the halving event in 2024. The halving is a process that reduces the amount of new bitcoins created every 10 minutes by half. This creates a scarcity effect that drives up the price of Bitcoin over time. PlanB's S2F model uses historical data to project future price trends based on the relationship between supply and demand. He shared his prediction in a tweet in April.
The Bottom Line
Bitcoin is a volatile and unpredictable asset that can surprise even the most seasoned analysts. However, based on the opinions of some renowned experts, it seems that Bitcoin has a bright future ahead and could reach $100,000 or more in the long term. Of course, this is not financial advice and you should always do your own research before investing in any cryptocurrency. But if you are interested in learning more about Bitcoin and how to buy it safely and securely, you can check out this website for more information.
Do you think Bitcoin will reach $100,000? When do you think it will happen? Let us know your thoughts in the comments below! 😊