The Bitcoin price forecast indicates that BTC may start a negative correction because of the presence of bears. Selling pressure could increase if the $19,000 support level is decisively broken.
Therefore, the consolidation could develop into a bear run if bears drive the market price lower. The next obstacle for the king coin may materialize at the $21,000 level, but the sideways trend that has been occurring recently is likely to continue over the next several days.
According to senior commodity strategist for Bloomberg Intelligence Mike McGlone, once the current macroeconomic situation marked by significant inflation is passed, Bitcoin (BTC) will trade over $100,000 by 2025.
On September 17, McGlone said in an interview with Kitco News that rising adoption and demand would be the catalyst for Bitcoin’s surge.
“Bitcoin to me, it’s a matter of time before it gets to $100,000. The key fact is that adoption and demand are increasing unless you expect that to reverse, which I don’t think. It will continue to appreciate; it’s just a matter of time right now,” McGlone said.
Bitcoin caught in global winter
In the current situation, he observed, Bitcoin and cryptocurrencies in general would probably come out on top among all asset classes. McGlone claims that because cryptocurrencies are using the fastest-growing technology, they have an added advantage.
McGlone also compared the state of the market to the dot-com boom in 2000, in which some assets prospered while others fell apart. He did, however, make the point that the Federal Reserve’s measures will probably be crucial in putting an end to the current circumstances.
The expert also pointed out that the global winter, of which digital assets are only a small part, has caught up with Bitcoin and the broader crypto market. His stance runs counter to the general market perception that Bitcoin is experiencing a crypto winter. Notably, the price of Bitcoin has been severely depressed in 2022, with a struggle to trade above $20,000.