Crypto prediction: $100,000 Bitcoin may arrive sooner than you think with ethereum leading the way. Following the latest China-induced sell-off last week, bitcoin and ethereum have recovered. Bringing the cryptocurrency market back to $2 trillion.
After China’s central bank announced that all cryptocurrency transactions are now banned in the nation. The bitcoin price plummeted significantly last week. However, the current crackdown has failed to stop investors. Who have continued to flock into other crypto prediction in addition to bitcoin. The price of ethereum has increased by 12 percent in the last 24 hours.
Now, it’s being projected that the Securities and Exchange Commission (SEC) could approve. After a long-awaited bitcoin exchange-traded fund (ETF) as early as next month. This could cause the bitcoin price to skyrocket to $100,000 in a single day.
As Bloomberg Intelligence senior commodity strategist. Mike McGlone recently told Stansberry Research, “there’s still a high possibility that the United States will simply follow Canada’s lead. Perhaps through the introduction of a bitcoin futures-based ETF.”
As a result of the fact that money is flowing from the United States—from Cathie Wood and Ark. Towards Canada, the pressure on U.S. regulators is quite strong and high to say. ‘All right, we’re kind of missing out here, and we need to do something.’
According to media sources, large investor Fidelity encouraged the Securities and Exchange Commission (SEC) to establish a bitcoin exchange-traded fund (ETF). Also citing increased investor interest for virtual currencies. Growing bitcoin usage, and the existence of comparable funds in other countries. As with his predecessor, Jay Clayton. Who is with the incoming SEC chair Gary Gensler has hinted that the agency will maintain a cautious stance under his leadership.
As part of his forecast, McGlone maintained his prediction that bitcoin will reach the psychologically. Significant $100,000 milestone by the end of 2021, with the possibility. That it may achieve the psychological threshold much sooner than that.
Bitcoin’s volatile price history
As McGlone pointed out. The price of bitcoin has changed substantially over the course of the past few years. “[Now that bitcoin has broken] the $10,000 barrier, it is more likely to go to $100,000,” he said. Over the course of the year, I overestimated the amount of scorn and outflows. From gold, as well as the number of people who have given up on gold. And turned to bitcoin, as well as the number of people who have turned to bitcoin and ethereum. Effectively placing both bitcoin and ethereum in the same bucket as gold.
According to McGlone, who predicts that bitcoin will reach $100,000 by the end of the year. Ethereum’s outsized performance this year, which has climbed by 700 percent over the past 12 months. Compared to bitcoin’s 300 percent gain, is a key reason for his prediction.
According to McGlone, if bitcoin can just catch up to ethereum. Which has lately seen the introduction of some exchange-traded funds (ETFs) in Canada. It will be worth $100,000 by the end of the year. “According to current estimates, it would be in the area of $130,000. As a result, I believe it is one of the reasons it is likely to arrive. The only question is when exactly that will occur.”