Ethereum’s 2021 Surge Is Guidance For Bitcoin To Hit $100,000, Says Analyst

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Should Bitcoin (CRYPTO: BTC) take the same path as Ethereum (CRYPTO: ETH), the apex cryptocurrency can touch the $100,000 mark, as per Bloomberg senior commodity strategist Mike McGlone.

What Happened: McGlone said on Twitter Monday that if Bitcoin were to catch up to Ethereum’s performance this year it could approach the $100K level.

ETH’s year-to-date gains currently stand at 323.57% while those of BTC are 58.27%. At press time, ETH traded 5.26% over 24 hours at $3,111.67 and BTC traded 4.93% higher at $45,701.24.

Over the last seven days, ETH has shot up 23.13% while BTC has risen 18.41%.

Why It Matters: In his August outlook, McGlone noted that 2020 is “prime for Bitcoin to take the next step in its price-discovery stage and we see a refreshed bull market,” Bloomberg reported.

The analyst wrote that “speculative excesses have been expunged.” On Ethereum, he called the second-largest cryptocurrency “a worthy companion and most of the pressure factors are longer-term bullish.”

ETH prices have been on the rise lately in part due to the recently implemented London hard fork that introduced deflationary tendencies to the cryptocurrency.

See Also: Estimates Show Over $5B In Ethereum Will Be Burned In A Year

Other factors include the popularity of non-fungible tokens and decentralized finance, both segments that heavily depend on ETH.

Meanwhile, on-chain data shared by Glassnode indicates that large transactions dominate on the Bitcoin side. On-chain transaction volume for values above $1 million has risen from 30% to 70% of total value transferred since September 2020.

As per Glassnode, these large-size transactions are “more likely to be accumulators than sellers and is again, fairly constructive for price.”

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