Bloomberg’s chief expert on commodities shares his take on the earmarks that show Bitcoin’s strong upside movement this year

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Bloomberg’s chief commodity strategist, Mike McGlone, believes that 2021 shows numerous earmarks for Bitcoin’s strong advance as BTC still targets $100,000.

“$100,000 in 2021 is meager by Bitcoin standards”

McGlone has taken to Twitter to share his take on Bitcoin and say that the trend is upward and the coin is going towards $100,000, rather than $20,000.

In his tweet, the Bloomberg’s expert on commodities stated that 2021 is showing many of the typical earmarks for Bitcoin’s strong advance.

He has referred to the drop in the direction of the $30,000 level as “a discount within a bull market”. 

Among these factors, as per his tweet, are the ongoing increase in the demand for Bitcoin and its adoption. Both have accelerated after the halving back in May 2020 that happened soon after Black Thursday.

$100,000 in 2021 is meager by Bitcoin standards, the title of his chart says.

in a recent Bloomberg report where Bitcoin and Ethereum were widely discussed, McGlone also stated that the flagship crypto is likely to resume growing to $100,000.

On June 9, the expert also tweeted that Bitcoin is more likely to recover to the $40,000 level than drop to $20,000.

Current low Bitcoin volatility shows massive upside ahead: Dan Tapiero

In his recent tweet, macro investor and cofounder of Gold Bullion International, Dan Tapiero, has stated that Bitcoin has never reached a high price level with volatility being as low as it is now.

The massive rise of the flagship digital currency and the DLT analogue of gold is still ahead, he believes.

#Bitcoin has never topped with volatility this low. Massive upside still ahead. Twtr sht termers too negative. US Corp adoption unlikely despite @michael_saylor. #Btc biggest global macro event of all time. Smaller countries in NEED/alpha hungry lead.

He also reckons that US corporations are not going to adopt Bitcoin yet, despite all efforts of Michael Saylor, Bitcoin evangelist and CEO of MicroStrategy, the first listed company that began putting Bitcoin on its balance sheet.

He tweeted:

US corps aren’t macro or currency oriented. It would be great if they were to convert some of their balance sheet to btc but I just don’t see them as early adopters.

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