Cryptocurrencies

Bloomberg believes Bitcoin (BTC) could hit $ 170,000 in 2 years – Cryptocurrencies

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Bitcoin (BTC) is at $ 1,500 near a new ATH. The bulls make an effort to overcome the last hurdles even though the $ 20,000 is more of a symbolic destination, than a final destination for BTC. The latter should peak at much higher heights according to Mike McGlone.

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The 20,000 USD: a passage and not an end

Bitcoin continues on its way to new ATHs and is approaching $ 20,000, having approached $ 19,000 on November 21, 2020.

The 18,500 USD is a major support for the continuation of its rise. The BTC is trading at $ 18,502 at the time of writing.

Gold also broke through all-time highs of $ 2,000 an ounce before entering a decline and then consolidation.

The analyst of Bloomberg, Mike McGlone, said in an interview that $ 20,000 was an acceptable level of resistance in the short term. In the long term, he sees a new take-off in the price of BTC.

And one more zero

McGlone said that in less than a year, Bitcoin increased from $ 7,000 to $ 17,000 – the BTC was then trading in the range of $ 17,000 – $ 18,500 during his interview.

According to him, another zero could be added to this last digit, thus locating the BTC to 170,000 USD in the future. For McGlone, Bitcoin is about to become the digital version of gold.

He also referred to fluctuations in the price of BTC, indicating that one of the points to remember for this year 2020 is the decrease in its volatility, in particular compared to that of Nasdaq, the common barometer of the traditional asset market.

According to McGlone, the volatility of all risky assets has increased, with the exception of that of Bitcoin.

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McGlone also mentioned the FOMO of Institutional investors on Bitcoin who, associated with an excessive use of printing money for fiat currencies, are factors that have pushed many players in traditional finance to follow the example of MicroStrategy, to rush on BTC.

6-digit Bitcoin predictions: this is nothing new! BTC on the other hand surprised the markets this year with lower volatility compared to the Nasdaq. Bitcoin is too risky: yes but, was it before?

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