Bitcoin will reach $100,000 by the end of the year - Bloomberg
Bitcoin continues to recover after Sunday's drop to $31,000.
On Wednesday, the first cryptocurrency stormed $40,000, but could not stay above this level.
Bitcoin began to grow actively after on Monday, the head of Tesla, Elon Musk, announced a meeting with American miners, which discussed the use of renewable energy sources for the production of cryptocurrency.
Positive news does not yet indicate a market reversal. For Bitcoin, it will be fundamentally important to overcome the $40,000 level and gain a foothold higher, experts say.
Meanwhile, Bloomberg strategist Mike McGlone confirmed his earlier forecast for Bitcoin. In his opinion, the first cryptocurrency is still in the bull market stage and is on its way to the $100,000 mark.
Bitcoin consumes too much electricity, which could be one of the reasons for the current decline. However, BTC mining is becoming more environmentally friendly and this trend will have a positive impact on the attractiveness of the first cryptocurrency, McGlone is sure.
Tom Lee, a Bloomberg expert and Funstrat analyst, shares the opinion. He also believes that by the end of this year, the Bitcoin exchange rate will reach $100,000.
The world's largest investment company BlackRock is studying cryptocurrencies from the point of view of their suitability for hedging market cycles, said BlackRock CEO Larry Fink, writes Reuters.
In April, BlackRock revealed its first investment in cryptocurrencies. The firm acquired 37 Bitcoin futures contracts on the Chicago Mercantile Exchange with a nominal value of $6.1 million.