TL;DR Breakdown:
- Fundstrat’s Thomas Lee predicts Bitcoin will reach $100,000 as COVID-19 panic subsides towards the year-end.
- Bloomberg analyst says BTC has to replicate ETH’s performance to break into six-figure value.
Bloomberg analyst Mike McGlone and Fundstrat’s Thomas Lee have opined on some factors that can propel the market value of the largest cryptocurrency. They predicted that Bitcoin (BTC) is likely to reach a six-figure value by the end of the year.
Bitcoin to rally as COVID-19 panic subsides
The Managing Partner at Fundstrat, Thomas Lee, is optimistic that Bitcoin and the global market will recover notably as the panic on COVID-19 declines. He made this known during an interview with CNBC. Lee believes that there will be an economic boom as coronavirus infection starts to decline toward the end of the year.
On that note, he argued investors would be on a “risk-on” mode, which will benefit several markets, including cryptocurrencies. As such, Lee predicted that Bitcoin price could reach up to $100,000 by the year-end. “A hundred thousand into the year-end is pretty reasonable,” he stated.
Bloomberg: BTC needs to replicate Ether performance
Bitcoin may have seen a massive increase in US dollar value since the beginning of the year; however, Ether has gained a lot more, percentage-wise. On a year-to-date chart, the price of BTC has only risen by 57 percent. However, ETH has gained more than 320 percent since this year.
According to Bloomberg analyst Mike McGlone, BTC will have to replicate ETH’s performance to reach $100,000 by the end of the year. Even though he sees Bitcoin on this path to $100,000, McGlone argues that Ether will eventually flip BTC as the largest digital asset.
Data from Blockchain Center shows ETH is 42.9 percent complete to flippening BTC’s market cap. Many Bitcoiners believe that the case of ETH flippening BTC is far-fetched. At the time of writing, the leading cryptocurrency was trading at $45,686 on CoinMarketCap.
