September 26, 2022

Bitcoin Price More Likely to Hit $50K Than $20K: Senior Bloomberg Strategist

2 min read

Mike McGlone, Bloomberg’s Senior Commodity Strategist, thinks that bitcoin looks like a much better investment chance than gold as of January 2021. The intelligence analyst said that it’s most likely BTC to reach $50,000 per coin than backtrack to the old highs of about $20,000.

Bitcoin Better Than Gold?

Bloomberg’s strategist is amongst the couple of mainstream experts that had stayed bullish on BTC even when cryptocurrency was struggling throughout the year-long bearish market in 2018. When the possession has been running high, though, he has actually remained relatively modest with his favorable forecasts.

Back in November last year, McGlone correctly forecasted that BTC would break through $20,000 for the first time. In truth, he saw it simply as a stepping stone on the path to a market cap of $1 trillion.

While his macro forecast visualizes bitcoin reaching $100,000 per coin by 2025, his more short-term views see BTC tapping $50,000 following the primarily bullish sentiment in the past several months.

McGlone said that reaching the $50k milestone is significantly more likely, instead of the alternative of dipping to the previous BTC records of around $20,000.

As such, he kept in mind that “bitcoin might be better than gold.” It’s worth noting that the cryptocurrency surpassed the yellow metal during the tough 2020. The bullion, considered a safe haven property that should perform finest in times of uncertainty, increased by 25% last year, while BTC’s gains were above 300%.

Bitcoin Price Cycles. Source: Bloomberg
Bitcoin Price Cycles. Source: Bloomberg Is BTC Indeed Heading Towards $50K?

While the neighborhood has actually become familiar with many optimistic, or downright outrageous sometimes, forecasts on BTC’s rate, $50,000 noises rather modest currently.

The main cryptocurrency has been on a tear since early October when it struggled to maintain within a five-digit cost area. Nevertheless, whether it is impacts from the 2020 halving, following the popular stock-to-flow design, the increased need from organizations, or, most likely, all of the above, bitcoin has actually charted enormous gains and successive all-time highs.

Earlier today, the cryptocurrency attained another record of about $38,500. Simply put, BTC needs an extra boost of 30% to reach the desirable price. Although 30% is not a little task, bitcoin has currently shown often times its capabilities to paint similar outstanding efficiencies, in some cases in simply days.