Before the April Bitcoin halving, BTC is developing a great setup. Can BTC hit $100,000?

In spite of the current gloomy outlook for the ecosystem, there are many outstanding estimates for the long run for Bitcoin (BTC), the largest digital currency in the world by market capitalization. The digital currency is poised for a spectacular price run in the upcoming year, according to Bloomberg Intelligence Senior Macro Strategist Mike McGlone in an interview with Scott Melker.

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McGlone added that Bitcoin now has sufficient fundamental support to chart its development curve even if he predicated his predictions on the impending Halving event that would take place in the second quarter of 2024.

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"What stops that trajectory is the important question. In the long run, trying to play for these $10,000 moves, which is a significant sum of Bitcoin at the moment, can lead to failure.

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Bottom line: Savvy investors and institutions all around the world are aware that they require a portion of this asset as time passes. By the time we reach that halving in 24 I believe we will be discussing a really serious recession, with all politicians leaning Republican, at least for the presidency, and it will be a perfect setting for next year. I'm eagerly anticipating it.

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In order to assess the degree of evolution of the larger cryptocurrency ecosystem, Bitcoin has remained a very important yardstick. 

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The value of the most popular digital currency is $26,740.60 at the time of writing, down more than 4.2 percent over the previous 24 hours. Although Bitcoin has had a fantastic month, it might be required to abandon this month on a bad note if the current loss is allowed to grow.

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The false prediction of the post-halving price of bitcoin

Many people in the ecosystem of digital currencies are interested in knowing whether the price of the cryptocurrency will rise to the $100,000 level. The Bloomberg analyst is among those who think this price objective is a relatively modest and doable one for the asset, despite the fact that no one can predict with certainty what the price will be or when it will be.

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The correlation between Bitcoin and the S&P 500, which McGlone sees as the ultimate determinant of volatility, may need to be broken in order for it to achieve its aims. Currently, the S&P 500 is struggling, which will inevitably translate to Bitcoin in the medium term despite its expanding role as a store of value.

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With the high stock market volatility, Bitcoin's present trajectory indicates that it is becoming into a more significant worldwide digital reserve asset and maybe a store of value. The crucial factor is to assume that S&P makes a new low and moves toward $3,000 at that point. Watch how Bitcoin responds. It would be ideal if it stayed above $20,000 per year. But we did get to see. I'm not sure. Long-term, as we go past this period, there will be more convincing indications that Bitcoin will increase to $100,000.