London Daily

Focus on the big picture.
Monday, Jul 14, 2025

Bloomberg Analyst: Bitcoin More Likely To Hit $100K than $20K This Year

Bloomberg Analyst: Bitcoin More Likely To Hit $100K than $20K This Year

Despite a large correction in May, the Bitcoin (BTC) bull market still seems to be in place, with a $100,000 price target more likely than a further drop to $20,000, according to Mike McGlone, Bloomberg’s senior commodity strategist.

Bitcoin $20,000 or $100,000 in 2021?

The June edition of the Bloomberg Galaxy Crypto Index report described Bitcoin as “stronger, greener and less extended” than during the height of the rally in April. For that reason, the flagship digital currency is more likely to reach the coveted six-figure mark this year than incur a deeper correction back down to 2017 highs.

McGlone cited an overextended rally, Chinese restrictions and unwarranted focus on Bitcoin’s energy use as the primary catalysts for the May correction, which included a more than 50% drawdown peak-to-trough.

“Bitcoin’s 2021 Foundation Is FIrm,” McGlone wrote:

“Toward the end of 2020, Bitcoin’s history suggested the crypto would move sharply higher in 2021, and we see improving supports for this.”

He added:

“In 2020, 260-day volatility dropped to its lowest ever vs. most major asset classes, notably the S&P 500. Add last year’s supply cut, the migration to institutional portfolios, Ethereum futures and the launch of ETFs in Canada and Europe, and we see greater potential for Bitcoin to head toward $100,000 than sustain below $20,000.”

Analysts remain divided on BTC’s next move

Analysts are divided about BTC’s trajectory in the short- to intermediate-term timeframes. Several theorists are forecasting a retest of its 2017 high, with at least one classic indicator predicting a bottom of around $16,000. Others, such as on-chain analyst Willy Woo, have said that BTC’s bottom is likely in thanks to improving network fundamentals and higher adoption rates.

Veteran trader Peter Brandt has speculated that the worst of the BTC price correction may not be over, but he told his Twitter followers that it’s not wise to bail if they’re holding spot positions.

Cycle theorist Bob Loukas believes there’s a good chance that BTC’s price bottomed last month, but he did warn of an intermediate downtrend over the next 60 days. “Intermediate trend is now down,” Loukas tweeted on May 27.

Nevertheless, he acknowledged the potential for downside risk exposing the $20,000 handle, noting the difficulty of trading without a clear trend in place.

Source: Bloomberg Analyst: Bitcoin More Likely To Hit $100K than $20K This Year – Fintechs.fi

Newsletter

Related Articles

0:00
0:00
Close
Bal des Pompiers: A Celebration of Community and Firefighter Culture in France
FBI Chief Kash Patel Denies Resignation Speculations Amid Epstein List Controversy
Air India Pilot’s Mental Health Records Under Scrutiny
Google Secures Windsurf AI Coding Team in $2.4 Billion Licence Deal
Jamie Dimon Warns Europe Is Losing Global Competitiveness and Flags Market Complacency
South African Police Minister Suspended Amid Organised Crime Allegations
Nvidia CEO Claims Chinese Military Reluctance to Use US AI Technology
Hong Kong Advances Digital Asset Strategy to Address Economic Challenges
Australia Rules Out Pre‑commitment of Troops, Reinforces Defence Posture Amid US‑China Tensions
Martha Wells Says Humanity Still Far from True Artificial Intelligence
Nvidia Becomes World’s First Four‑Trillion‑Dollar Company Amid AI Boom
U.S. Resumes Deportations to Third Countries After Supreme Court Ruling
Excavation Begins at Site of Mass Grave for Children at Former Irish Institution
Iranian President Reportedly Injured During Israeli Strike on Secret Facility
EU Delays Retaliatory Tariffs Amid New U.S. Threats on Imports
Trump Defends Attorney General Pam Bondi Amid Epstein Memo Backlash
Renault Shares Drop as CEO Luca de Meo Announces Departure Amid Reports of Move to Kering
Senior Aides for King Charles and Prince Harry Hold Secret Peace Summit
Anti‑Semitism ‘Normalised’ in Middle‑Class Britain, Says Commission Co‑Chair
King Charles Meets David Beckham at Chelsea Flower Show
If the Department is Really About Justice: Ghislaine Maxwell Should Be Freed Now
NYC Candidate Zohran Mamdani’s ‘Antifada’ Remarks Spark National Debate on Political Language and Economic Policy
President Trump Visits Flood-Ravaged Texas, Praises Community Strength and First Responders
From Mystery to Meltdown, Crisis Within the Trump Administration: Epstein Files Ignite A Deepening Rift at the Highest Levels of Government Reveals Chaos, Leaks, and Growing MAGA Backlash
Trump Slams Putin Over War Death Toll, Teases Major Russia Announcement
Reparations argument crushed
Rainmaker CEO Says Cloud Seeding Paused Before Deadly Texas Floods
A 92-year-old woman, who felt she doesn't belong in a nursing home, escaped the death-camp by climbing a gate nearly 8 ft tall
French Journalist Acquitted in Controversial Case Involving Brigitte Macron
Elon Musk’s xAI Targets $200 Billion Valuation in New Fundraising Round
Kraft Heinz Considers Splitting Off Grocery Division Amid Strategic Review
Trump Proposes Supplying Arms to Ukraine Through NATO Allies
EU Proposes New Tax on Large Companies to Boost Budget
Trump Imposes 35% Tariffs on Canadian Imports Amid Trade Tensions
Junior Doctors in the UK Prepare for Five-Day Strike Over Pay Disputes
US Opens First Rare Earth Mine in Over 70 Years in Wyoming
Kurdistan Workers Party Takes Symbolic Step Towards Peace in Northern Iraq
Bitcoin Reaches New Milestone of $116,000
Biden’s Doctor Pleads the Fifth to Avoid Self-Incrimination on President’s Medical Fitness
Grok Chatbot Faces International Backlash for Antisemitic Content
Severe Heatwave Claims 2,300 Lives Across Europe
NVIDIA Achieves Historic Milestone as First Company Valued at $4 Trillion
Declining Beer Consumption Signals Cultural Shift in Germany
Linda Yaccarino Steps Down as CEO of X After Two Years
US Imposes New Tariffs on Brazilian Exports Amid Political Tensions
Azerbaijan and Armenia are on the brink of a historic peace deal.
Emails Leaked: How Passenger Luggage Became a Side Income for Airport Workers
Polish MEP: “Dear Leftists - China is laughing at you, Russia is laughing, India is laughing”
BRICS Expands Membership with Indonesia and Ten New Partner Countries
Weinstein Victim’s Lawyer Says MeToo Movement Still Strong
×