Mike McGlone, a Chief Bloomberg Strategist has recently stated that he expects Bitcoin to create a higher price plateau as demand for BTC keeps growing. The chief strategist of Bloomberg has said that he believes the oldest cryptocurrency is still in a price discovery mode and has expectations that it will continue to appreciate.
Mike McGlone From Bloomberg Says Bitcoin Will Rise
The chief strategist has taken to Twitter to share his views on the likelihood of Bitcoin and has addressed the circulating supply of the oldest cryptocurrency. He reminded the crypto community that the circulating supply of Bitcoin is falling and the demand for BTC is growing.
Technical Outlook: Still in Price-Discovery Mode, #Bitcoin Plateau Appears Distant —
Bitcoin supply is declining and demand is rising, leading us to expect continued price appreciation and the establishment of a higher plateau as the crypto matures. pic.twitter.com/V4kTzfhjZv
— Mike McGlone (@mikemcglone11) April 12, 2021
The downfall in the global economy forced by the coronavirus pandemic has pushed several financial institutions and retail investors to appreciate BTC this year as a hedge against the inflation that is expected in the near future.
The falling supply and the increase in demand have lead Mike McGlone to believe that the price of BTC will continue to surge over time.
In addition to this, he revealed that in the near future, a higher BTC plateau will be created as the crypto sphere grows to be stronger and mature.
As revealed by Mike at the beginning of March, it was mentioned that he expected BTC to rise to the level of $100,000 keeping in mind that the digital asset is all set to replace gold as a store of value.
BTC Struggling to Cross Its All-Time High
BTC struggled a lot today to cross its all-time high that the digital asset managed to reach on March 13. The huge rally is the direct effect of the introduction of the Coinbase Exchange to the NASDAQ and is expected to be done on April 14, Wednesday.
Coinbase Exchange Platform, which is lead by Brian Armstrong is going to be the first crypto company to be listed. Following the lead of Coibase, Kraken exchange based in the United States will be the second one on the list.