Bitcoin to Continue Appreciating As Supply Falls and Demand Rises: Chief Bloomberg Strategist

Bloomberg’s chief commodity strategist Mike McGlone believes that Bitcoin is still in a price discovery mode, however, he expects BTC to continue appreciating, here’s why.

“Bitcoin supply is declining and demand is rising”

Mike McGlone has taken to Twitter to share his view on Bitcoin prospects. He has reminded the community that the circulating supply of the world’s largest digital currency is falling and the demand for Bitcoin keeps growing.

The economic recession, which started last year due to the Chinese pandemic and the lockdowns that followed around the world, pushed multiple financial institutions and retail investors to embrace Bitcoin this year as a hedge against inflation expected in the near future.

The shrinking supply and rising demand leads McGlone to believe that Bitcoin price will continue to rise over time and in the future a higher Bitcoin plateau will establish as the crypto sphere becomes stronger and more mature.

In early March, Mike McGlone shared that he expected Bitcoin to surge to the $100,000 level as BTC is replacing gold as a store of value.

Bitcoin strives to surpass its $61,800 ATH

Earlier today, BTC strived to surpass its recent all-time high of $61,800 reached on March 13. The rally was largest driven by the upcoming direct listing of Coinbase exchange on the Nasdaq which is due tomorrow – on April 14.

Coinbase spearheaded by Brian Armstrong will be the first major cryptocurrency company that is going publish. US-based Kraken exchange is to follow suit next year, as was reported by U.Today earlier.

Bitcoin spiked 2.6 percent today, reaching the $61.229 level, its highest peak in almost a month.