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  /  cryptocurrency   /  After Repeated Losses, Experts are Still Rooting for Bitcoin to Reach US$100k!
Bitcoin

After Repeated Losses, Experts are Still Rooting for Bitcoin to Reach US$100k!

Bitcoin fanatics are still hopeful for the cryptocurrency to reach US$100K.

Mike McGlone, the senior commodity strategist at Bloomberg Intelligence, predicts that Bitcoin will hit US$100,000 by 2025 and says that he expects the cryptocurrency market to flourish as a “revived bull market.” Popular trader Credible Crypto shares McGlone’s fearless forecast. Last month, Credible Crypto published an updated forecast for Bitcoin’s price trajectory, pointing towards BTC hitting favorable buying prices. In his assessment, McGlone says Bitcoin’s strong reversal is just getting started. The current bear market reflects the most dramatic inflation over the past four decades. Nonetheless, he emphasized that once the bear market ends, Bitcoin would skyrocket and become the most valuable asset in the world.

As an increasing number of voices warn of a significant BTC/USD decline, bullish viewpoints remain limited to the long term because of various macroeconomic factors. Bitcoin has had a rough start to the year, but analysts still believe it will reach US$100,000; it’s a matter of when not if, they say. Despite recent price declines, many market observers remain hopeful that the crypto will soon surpass the US$100,000 threshold, albeit with differing perspectives as to when this would occur. A recent study by Deutsche Bank revealed that approximately 25 percent of BTC investors predict that the cryptocurrency’s price would surpass US$100,000 in five years. McGlone also evaluated the recent shift in opinion on the largest cryptocurrency in the world. He was questioned why it became a riskier asset after behaving for so long as a safe inflation hedge. The Bloomberg analyst responded to the query by stating that this upswing is merely the “ripening” of young technology and assets.

The price of Bitcoin plunged as low as US$25,401.29 last Thursday, according to Coin Metrics. That marks the first time the cryptocurrency has sunk below the US$26,000 level since Dec. 26, 2020. Bitcoin has since pared its losses and was last trading at US$28,569.25, down 2.9%. Ether, the second-biggest digital currency, tanked to as low as US$1,704.05 per coin. It’s the first time the token has fallen beneath the US$2,000 mark since June 2021. Ether was last down 8.8% at a price of US$1,937.88. Investors are fleeing from cryptocurrencies at a time when stock markets have plunged from the highs of the coronavirus pandemic based on fears over soaring prices and a deteriorating economic outlook. U.S. inflation data out on Wednesday showed prices for goods and services jumping 8.3% in April, higher than expected by analysts and close to the highest level in 40 years.