Mike McGlone is confident that in the fourth quarter of this year, the first cryptocurrency will significantly rise in price.
Bloomberg Chief Commodities Strategist Mike McGlone believes that a unique phase of Bitcoin growth could occur in the fourth quarter of this year.
According to McGlone, the growth of the US national debt, as well as fears about a potential default, will provoke a significant rise in the price of the first cryptocurrency.
The Bloomberg strategist explained that markets are gaining confidence in Bitcoin as the cryptocurrency has a limited supply of 21 million coins.
Relative to rising US debt and tensions over a potential default, #Bitcoin may be entering a unique phase for a 4Q price rise as markets gain trust in the coding that defines the crypto’s supply. The debt-ceiling drama may work against managers that avoid allocations to Bitcoin. pic.twitter.com/Owgb0wfcSF
— Mike McGlone (@mikemcglone11) October 11, 2021
In mid-September, McGlone confirmed his forecast that by the end of this year, bitcoin will rise in price to $ 100 thousand.
The Bloomberg strategist is confident that the first cryptocurrency will be able to double its value in the coming months thanks to the trend for the introduction of digital assets.