The Bitcoin price forecast indicates that BTC may start a negative correction because of the presence of bears. Selling pressure could increase if the $19,000 support level is decisively broken.
Therefore, if bears drive down the market cap, consolidation could develop into a bear market. The next hurdle for the king coin may lie at the $21,000 level, but the recent sideways trend is likely to continue for the next several days.
According to senior commodity strategist for Bloomberg Intelligence Mike McGlone, once the current macroeconomic situation marked by significant inflation is passed, Bitcoin (BTC) will trade over $100,000 by 2025.
On September 17, McGlone said in an interview with Kitco News that increasing adoption and demand would be the catalyst for the growth of bitcoin.
“Bitcoin to me, it’s a matter of time before it gets to $100,000. The key fact is that adoption and demand are increasing unless you expect that to reverse, which I don’t think. It will continue to appreciate; it’s just a matter of time right now,” McGlone said.
Bitcoin caught in the global cold
In the current situation, he observed, bitcoin and cryptocurrencies in general could come out on top across all asset classes. McGlone claims that since cryptocurrencies are using the fastest-growing technology, they have an added advantage.
McGlone also compared the state of the market to the dot-com boom in 2000, in which some assets prospered while others fell apart. He did, however, make the point that the Federal Reserve’s measures will probably be crucial in putting an end to the current circumstances.
McGlone also compared the state of the market to the dot-com boom in 2000, in which some assets prospered while others fell apart. He did, however, make the point that the Federal Reserve’s measures will probably be crucial in putting an end to the current circumstances.
