Bloomberg Intelligence analyst Mike McGlone has once again expressed confidence that the bitcoin rate is preparing to march to $ 100,000. BTC can reach this mark at the end of October.
The main reason for such a sharp rise in bitcoin may be the approval of exchange-traded funds (ETF) for bitcoin in the United States. Mike McGlone believes that American regulators may approve the launch of such an ETF as early as next month, as a result, huge funds will come to the cryptocurrency market.
“There is a strong likelihood that US regulators will follow the lead of their Canadian counterparts and approve Bitcoin ETFs. Perhaps it will be bitcoin futures funds. There are over 30 pending applications and the fact that money is flowing to Canada is putting a lot of pressure. Regulators can just spit and approve such ETFs. From my point of view, everything is simple – demand will increase significantly, and supply will decrease. If you look at the history of bitcoin, then a year after the halving, the rate has grown significantly, and in this case everything can happen even faster, ”the analyst said during an interview with Stansberry Investor.
McGlone also noted that the ETH rate this year has grown significantly more than the BTC rate, and it would be time for Bitcoin to catch up. The course should be at the level of $ 100,000 or even $ 130,000. The outflow of funds from gold is also important:
“I underestimated the scale of the outflow of funds from gold. People are giving up gold and investing in bitcoin and ether. In fact, they are putting BTC and ETH in the same basket with gold, ”said an analyst at Bloomberg Intelligence.
At the beginning of the month, McGlone already predicted the bitcoin rate of $ 100,000 and called bitcoin a future global reserve asset.
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