Bloomberg Commodities Lead Strategist Mike McGlone tweeted his opinion on whether the massive Bitcoin correction will delay the rise of the flagship cryptocurrency to the level of $ 100,000.
Several factors keep Bitcoin on its way to $ 100K. There was a heat wave in April, and excessive energy consumption was considered the main factor responsible for the cryptocurrency market correction. However, it testifies to the strength of the world’s largest decentralized network and its greening.
#Bitcoin has backed up for reasons that support an extended bull market and a path to $100K. A bit hot in April, a primary factor cited for the crypto’s correction — excessive energy use — represents the strength of the world’s largest decentralized network, and getting greener pic.twitter.com/l6STK94ZNO
— Mike McGlone (@mikemcglone11) May 25, 2021
Such conclusions were made by the expert, confirming his forecast of $ 100,000, made last year for 2025. At the same time, he noted that the power of bitcoin is growing and it is becoming more environmentally friendly.
Mike McGlone has also attached a graph that shows Bitcoin’s “strong basis” this year. The second graph shows that the supply of bitcoin is sharply declining.
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