Bloomberg commodities analyst Mike McGlone thinks a Bitcoin rally towards $100,000 is “a matter of time.” This comes from one interview with the investment analysis firm Stansberry Research. According to the analyst, Bitcoin is currently “severely undervalued”. He therefore considers a five-fold price increase in the “next five to ten years” to be likely.
McGlone went on to say that Bitcoin is likely to rebound “probably at the same time as government bonds and gold.” In his opinion, the trigger for the next rally will be the increasingly scarce supply, coupled with the further increase in demand and adaptation. McGlone therefore considers a “breakout into the next bull market” to be inevitable. Again, it has to be said, because the Bloomberg analyst has already called for Bitcoin prices of $100,000 in the past.