Bloomberg Intelligence’s senior commodity strategist expects the arrival of Bitcoin ETF in the US next month that could propel the Bitcoin price rally to $100,000.
Throughout this month of September 2021, the world’s largest cryptocurrency Bitcoin (BTC) has been through a strong cycle of volatility. Last week, the China crackdown further dragged Bitcoin downwards. As of press time, Bitcoin is trading 4.38% down at a price of $42,079 and a market cap of $792 billion. What Bitcoin price can we expect to see according to the latest prediction?
Bitcoin (BTC) Price Prediction
However, it seems that market analysts aren’t deterred by the recent China move. On Monday, the market registered a strong bounceback. Bloomberg Intelligence senior commodity strategist Mike McGlone expects BTC to touch $100K sooner than expected. McGlone says that he’s confident of a Bitcoin ETF approval by the next month. In an interview with Stansberry Research last week, McGlone said:
“There’s still a high probability that the US is just going to follow Canada, maybe with a futures-based bitcoin ETF. There are now over [bitcoin ETF] 30 applications, and the fact that money is migrating from the US – from Cathie Wood and Ark – towards Canada, the pressure is quite strong and high for the US regulators to say: ‘All right, we’re kind of missing out here and we need to do that.’”
The pressure has been mounting on the SEC to approve the first Bitcoin ETF. Previously, McGlone had predicted the $100,000 BTC price target to arrive by the end of 2021. But now, the analyst expects it to come as early as October next month.
The Push for Bitcoin ETF
Some of the biggest financial giants in the US have been putting up major efforts to convince the SEC. Earlier this month, Fidelity Investments conducted a private meeting with the securities regulator to convince it for approving the Bitcoin ETF.
The financial giant explained the reason for such a derivatives product and noted that such funds are already existing in other countries.
Furthermore, Mcglone also believes that Bitcoin has got some catching up to do. Since the March 2020 market crash, Ethereum has outclassed Bitcoin in terms of percentage returns. He said:
“If bitcoin just catches up to ethereum, of which there have been some ETFs launched in Canada, it would be at $100,000. In fact, it would be close to $130,000. So I think that’s part of the reason it’s probably gonna get there, and the question is when.”
Also commenting on bitcoin’s history of price volatility, McGlone added that “[after bitcoin broke] $10,000, it’s more likely to go to $100,000. The thing that I’ve underestimated this year is how much there’s been disdain and outflows from gold, and people giving up on gold and going to bitcoin, and going to bitcoin and ethereum, basically putting bitcoin and ethereum in the same bucket as gold.”