- Analyst — Mike McGlone, explains how Bitcoin will hit $100,000, eventually.
- He states renewable energy for mining and Bitcoin halving as reasons for this possibility.
- Also, he believes that Bitcoin’s supply is dwindling and the time for Bitcoin demand will rise.
In particular, McGlone compares the performance of Ethereum by stating how the crypto has outperformed Bitcoin repeatedly. However, despite this fact, Bitcoin continues to take the lead. This is due to its vast market cap which is double that of Ethereum.
Moreover, McGlone believes that $100,000 is actually ‘tame’ for Bitcoin. He mentions how the price advance to May 24 is a ‘round error’. He continues by saying that the 2020 halving that took place, happened during an ‘unprecedented global fiscal and monetary stimulus. A move that led to this was that more and more corporations began to buy the crypto.
Additionally, he states that Bitcoin shows ‘tremendous promise’ and could become a major value for financial market reserves. Also, it offers the ability to store value for both the average user and institutions.
Next, he talks about the fact that Bitcoin is slowly and steadily becoming stronger and greener. Like other analysts, McGlone says that the crackdowns in China have led to miners choosing alternative and renewable sources of energy for mining Bitcoin.
For instance, El Salvador is using its volcanoes to mine Bitcoin with geothermal energy. McGlone also adds how Bitcoin’s April correction was due to excessive use of energy. Following this, McGlone charts Bitcoin’s price history and notes that the price will shoot up by a lot.
The fact that Bitcoin’s supply is slowly declining is one of the biggest signs that point to its upcoming price spike. Due to its limited supply, the more coins mined, the more they hold value. Finally, he says the time where Bitcoin demand beats its supply is nearly here.
Lastly, he says Bitcoin halving happens every four years. This is when BTC rewards get cut in half. The latest of its kind was in 2020 where mining rewards stand at 6.25 per block. Thus, the next one in 2024 will limit rewards to 3.125 per block. In conclusion, McGlone is certain that all these factors will lead to Bitcoin breaking past $100,000.