TL failure; DR:
- Fundstrat’s Thomas Lee predicts that bitcoin will reach $ 100,000 by the end of the COVID-19 panic by the end of the year.
- Bloomberg analysts say BTC should repeat the ETH performance to become six digits.
Bloomberg analyst Mike McGlown and Thomas Lee of Fundstrat commented on the factors that could increase the market value of the largest cryptocurrency. They predicted that Bitcoin (BTC) would reach six digits by the end of the year.
As COVID-19 panic subsides, bitcoin is rising
Fundstrat managing partner Thomas Lee is optimistic that the panic over COVID-19, bitcoin and the global market will improve significantly. He stated this in an interview with CNBC. Lee believes that with the start of the decline of the corona virus at the end of the year, there will be an economic boom.
With that in mind, he argued, investors would be in a “risk-averse” state in favor of several markets, including cryptocurrencies. Thus, Lee predicted that the price of bitcoin would reach $ 100,000 by the end of the year. “One hundred thousand by the end of the year is very reasonable,” he said.
Bloomberg: BTC should repeat the ether function
Bitcoin has seen a significant increase in the value of the US dollar since the beginning of this year. However, ether is much more advanced in percentage. In last year’s chart, the BTC price has risen only 57%. However, ETH has increased by more than 320% since this year.
According to Bloomberg analyst Mike McGlown, BTC should repeat the ETH performance to reach $ 100,000 by the end of the year. Even if he sees bitcoin at $ 100,000 along the way, McGlown believes that Ether will eventually flip BTC as the largest digital asset.
Blockchain Center data show that ETH is 42.9% complete to break the BTC market value. Many bitcoin buyers believe that the ETC case that shakes BTC is out of the question. At the time of this writing, the original cryptocurrency was trading at $ 45,686 on CoinMarketCap.