Bloomberg analyst Mike McGlone has revealed on social media that the recent cryptocurrency price crash saw BTC’s price drop for “reasons that support an extended bull market” and a path for it to hit $100,000 per coin.
In a tweet, the analyst revealed that a primary factor cited for the cryptocurrency’s correction was its excessive energy use, but noted that this use represents “the strength of the world’s largest decentralized network.”
#Bitcoin has backed up for reasons that support an extended bull market and a path to $100K. A bit hot in April, a primary factor cited for the crypto’s correction — excessive energy use — represents the strength of the world’s largest decentralized network, and getting greener pic.twitter.com/l6STK94ZNO— Mike McGlone (@mikemcglone11) May 25, 2021
McGlone also added that the cryptocurrency’s miners are “getting greener,” seemingly referring to efforts from various BTC miners to use renewable energy. Cryptocurrency prices crashed earlier this month after Tesla CEO Elon Musk revealed the electric car marker would no longer accept bitcoin payments over environmental concerns.
As the crypto community clashed with Musk over the announcement, the CEO later implied the firm could sell its BTC holdings, before saying it has “diamond hands.” Earlier today, the creation of a new Bitcoin Mining Council was revealed to “promote energy usage transparency” and encourage miners to use renewable energy.
Earlier, McGlone had also revealed data seemed to show the flagship cryptocurrency “has entered the mainstream” with “potential outcomes tilted in its favor” as the cryptocurrency’s decline had an effect on equity markets.
As CryptoGlobe reported, the analyst correctly predicted the price of bitcoin was heading to $20,000 late last year, and predicted BTC could enter a parabolic rally this year. In February, he predicted BTC could move toward the $50,000 mark as investors moved funds out of gold and betted on the number one cryptocurrency.
Bitcoin’s price hit a $63,000 all-time high this year before entered a steep correction that culminated in last week’s crash. The cryptocurrency dropped to a $32,000 low before recovering and is now trading at $37,900 according to CryptoCompare data.
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