Is $100,000 the Bitcoin ceiling? Mike McGlone’s opinion

Jakarta, Pintu News – According to Bloomberg analyst Mike McGlone, the price of $100,000 appears to be a potential upper limit for Bitcoin , the cryptocurrency with the largest market capitalization at the moment. McGlone argues that excessive speculation in the crypto market may have reached its peak.

With Bitcoin (BTC) hitting the $100,000 mark, the currency is now lagging behind gold. This shows that gold, as a safe haven asset, is back in demand amid global market uncertainty.

Bitcoin’s Slowdown and Gold’s Dominance

McGlone thinks that Bitcoin (BTC) may have a hard time rising significantly above the $100,000 price. This is because investors are starting to look for more stable assets such as gold amid global economic uncertainty. Gold, which has long been considered a hedge asset, has again outperformed Bitcoin (BTC) and equities.

When gold starts to outperform equities and cryptocurrencies, it could be an indicator that market sentiment is turning more cautious. Investors may prefer to allocate their funds to assets that are considered safer amidst uncertain market conditions.

Also Read: Ripple (XRP) Shakes Dollar’s Dominance in Global Markets, Will XRP Price Rise in the Near Future?

Oversupply of Cryptocurrencies

One of the issues raised by McGlone is the oversupply of cryptocurrencies in the market. According to him, this has led to a decline in the value of Bitcoin (BTC) as the market becomes saturated. The sheer number of cryptocurrencies in circulation dilutes the value of major currencies like Bitcoin (BTC).

This massive growth in the cryptocurrency market is putting downward pressure on valuations. This poses an additional challenge for Bitcoin (BTC) to maintain its value, especially if investors start to lose faith in its long-term growth potential.

Competition with Gold: Can Bitcoin Win?

Although McGlone has a less optimistic view of Bitcoin (BTC), not all analysts agree with his opinion. Analysts from JPMorgan, for example, predict that Bitcoin (BTC) will outperform gold in the second half of the year. Tom Lee of Fundstrat also believes that Bitcoin (BTC) could outperform gold within the year.

Jurrien Timmer, director of global macro at Fidelity, is also of the opinion that gold may be about to hand over the mantle of leadership to Bitcoin (BTC). If Bitcoin (BTC) manages to break away from the influence of the stock market, this could be a significant milestone for the cryptocurrency.

Conclusion

With varying views from analysts, the market is still waiting to see if Bitcoin (BTC) will be able to exceed expectations or remain in the shadow of gold. Over time, only the market will determine the ultimate fate of this cryptocurrency.

Also Read: Big Companies Investing in Bitcoin, a Sign of Long-Term Adoption?

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*Disclaimer

This content aims to enrich readers’ information. Pintu collects this information from various relevant sources and is not influenced by outside parties. Note that an asset’s past performance does not determine its projected future performance. Crypto trading activities are subject to high risk and volatility, always do your own research and use cold hard cash before investing. All activities of buying andselling Bitcoin and other crypto asset investments are the responsibility of the reader.

Reference

• U.Today. Is $100K Bitcoin the Ceiling? Mike McGlone Thinks So. Accessed on June 9, 2025
• Featured Image: Generated by AI