Bloomberg’s Mike McGlone Predicts When BTC Will Tap $100K and ETH $6K

Bloomberg Senior Commodity Strategist Mike McGlone believes the crypto winter could last longer than previous market declines due to the “Fed’s sledgehammer.” Over the next few years, though, he expects the industry to be stronger than ever, with Bitcoin reaching $100,000 by 2025 and Ethereum trading at $6,000.

He also spoke about the “merger,” claiming that the event was “overhyped” and is now causing short-term pain for investors. He also predicted that Ethereum’s focus on green will drive massive institutional adoption, which will help the protocol grow in the years to come.

BTC and ETH will reach milestone in three years

in the most recent interview For Kitco News, McGlone reiterated his stance that Bitcoin will climb to the $100,000 price level. However, it can take up to three years for assets to appreciate due to the “global macroeconomic winter”:

“For me, it’s only a matter of time before Bitcoin hits $100,000. The key fact is that unless you expect this to reverse, adoption and demand are increasing, which I don’t think it is. It will continue to appreciate; it’s only a matter of time now .”

Mike McGlone
Mike McGlone, source: Twitter

When it comes to ethereum, which Bloomberg’s strategists describe as a “different animal,” it expects its price to climb to $6,000 by 2025.

According to McGlone, the reason for the rise of cryptocurrencies in the future is because it is the “fastest horse in the race.” In his view, the asset class has a “rapidly developing technical advantage” that will guide it through a bear market.

Similar to the dot-com bubble of the early 2000s, the current crypto winter will kill some projects, he believes. Nonetheless, the strategists concluded that meaningful people will survive the turmoil and play a vital role in the future of finance.

It’s worth noting that McGlone’s predictions aren’t always accurate. Late last year, he envisioned a “deflationary force” to prevail in 2022 that could help Bitcoin reach $100,000. But in reality, inflation has hit record highs in many countries over the past year, and BTC is trading well below expectations.

Pay special attention to “merge”

Ethereum’s long-awaited transition from proof-of-work to proof-of-stake finally happened last week, and is by any means one of the most discussed topics in the space. As some might have expected, the massive hype surrounding the process sparked a “sell the news” event that saw the price of ETH plummet.

McGlone is also among those who believe the transition is overhyped, which will negatively impact the coin’s valuation in the short term:

“I think the big picture for ethereum is that it’s revolutionizing finance like futures and ETFs, but now that we’ve done this merger, and now we have to worry about potential bumps in the road, we all know that’s going to happen with this technology.”

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