Despite a massive drawdown in May, the Bitcoin (BTC) bull market appears to be intact, with a $100,000 price target more likely than a retrace to $20,000, according to Mike McGlone, Bloomberg’s senior commodity strategist.
$20K or $100K in 2021?
The June 2021 edition of the Bloomberg Galaxy Crypto Index report described Bitcoin as ‘stronger, greener and less extended’ than during the height of the rally in April. For that reason, the flagship digital currency is more likely to reach the coveted six-figure mark this year than incur a deeper correction back down to 2017 highs.