Bitcoin will rise to $ 180,000 in the next couple of years – Bloomberg

  • Within the next couple of years, Bitcoin may add zero to its rate

  • Cryptocurrency benefits from its new institutional status

  • According to Deutsche Bank, Bitcoin has recently begun to be used as an alternative to gold

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Bloomberg analyst believes the largest cryptocurrency by capitalization will exactly follow the path of gold

In the near future, the bitcoin rate will reach $ 20,000, but this very threshold will become an important level of resistance.

Bitcoin will rise in price to $ 180,000 in ...

This opinion was expressed by analyst Mike McGlone..

Bitcoin will rise in price to $ 180,000 in ...

In an interview on Bloomberg, McGlone said that Bitcoin would repeat the scenario of gold, which, having reached the price of $ 2,000, strengthened the entire bull market..

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“The big moment with bitcoin this year is very simple: he added one at the very beginning of the number … What I’m worried about is if you look at past activity, which is potentially an indicator of future activity, in the next year or two it [bitcoin] might add zero to the end “.

The analyst argues that Bitcoin is becoming a distinct version of digital gold, despite the fact that cryptocurrency volatility has decreased over the entire year of 2020, and the indicators of price volatility remain lower than that of gold throughout its existence..

Institutional interest

According to McGlone, the new rally also correlates with Bitcoin’s transformation into an institutional asset given the limited supply. At the same time, macroeconomic indicators remain positive, the analyst noted. In 2020, bitcoin remained the most correlated with gold, although it previously kept pace with stocks..

“It’s kind of a transformation,” notes McGlone..

Experts from the German giant Deutsche Bank adhere to a similar optimistic forecast for Bitcoin. According to bank analyst Jim Reid, bitcoin has recently begun to be used as an alternative to gold as a hedge against inflation and hedging risks associated with the devaluation of the dollar..

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However, it is not the first time that McGlone has adhered to an extremely positive scenario of the price dynamics of the cryptocurrency. In October, an analyst predicted at least tenfold growth in bitcoin over the next five years.

On moment of writing BTC / USDT price is $ 18,171.

After a rapid growth, Bitcoin began to slip and formed the Spinning Top candlestick pattern.

Bitcoin will rise in price to $ 180,000 in ...

Price is showing weakness, but bearish breakout has not yet been confirmed. Where cryptocurrency will move next – read in a special material from BeInCrypto.

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