Bloomberg Intelligence's Mike McGlone warned Bitcoin could struggle to top $100,000, comparing it with WTI crude, which has failed to rally beyond $100 a barrel despite brief price surges. Bitcoin was trading at $83,587 when the article was written.
McGlone shared his comparison chart on Sept. 23, tracing WTI's downward slide since its first monthly close above $100 a barrel in February 2008. He said the United States and Canada had a combined crude-oil and liquid-fuels deficit of 10 million barrels a day in 2008, which could shift to a surplus of nearly 9 million barrels a day by 2027.
WTI was trading around $95 a barrel at the time of publication. While Bitcoin proponents believe the cryptocurrency is immune to geopolitical conflicts, weather changes and fuel policy, McGlone argues that similar supply-and-demand economics could still pressure its price.
