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As Bitcoin inches closer to its previous $20K all-time high, Bloomberg analyst Mike McGlone shared on Bloomberg TV that he’s bullish on what’s next for the benchmark cryptocurrency in the future and even predicted a $170,000 BTC price point by 2022.
Bitcoin closed Thursday at $17,821, slightly above the previous day and also a new 2020 high. It’s also the highest it has reached in the last three years.
With Bitcoin now less than $2,000 away from its previous high of just below $20,000, analyst Mike McGlone from Bloomberg believes the dominant crypto is not yet finished in its ascent.
McGlone said that since Bitcoin added one in front of its number compared to last year, it will likely add a zero to the back of its number next year or by 2022.
“If you look at past performance, which is potentially indicative of the future, next year or two could add a zero to the back of the number,” he said on Bloomberg TV.
Bitcoin ended 2019 at $7,000 and is now at $17,000. This means McGlone was right that the cryptocurrency added a one at the front of its number.
If Bitcoin adds zero at the back of its number, that’s a price of $170,000, as McGlone predicted.
McGlone pointed out that Bitcoin’s price increase is because of people’s perception that it is digital gold, Cointelegraph reported.
Gold, a store of value, has also breached past $2,000 in a new all-time high and is now consolidating.
With that, Bitcoin could likely be consolidating at this price point as well, with $20,000 only acting as short-term resistance.
“I’m afraid it’s probably going to do what gold did. It got to $2,000, and then that’s been consolidating in a bull market since,” McGlone continued.
Finally, McGlone mentioned that institutional FOMO (fear of missing out) is also the likely reason why the new price run is different from the one in 2017.
Both Microstrategy, a billion-dollar company, and payments firm Square announced that they have put Bitcoin as part of their reserves. PayPal Holdings Inc. recently allowed U.S. customers to purchase Bitcoin.
In other trending Bitcoin News Today:
“Price Target $300K? Bitcoin Has No Top Because Fiat Money Has No Bottom – Max Keiser”
The hosts of RT’s Keiser Report, Max Keiser and Stacy Herbert, look at Citibank coming out with ‘moonmath’ on bitcoin with a hugely bullish price target of $318,000 by December 2021.
Max says that he can’t believe what Citibank is saying because it is becoming “even more aggressive” on the price than John McAfee who has always been “crazy beyond the pale price predictions.” According to Max, Citibank is now kind of “taking the price prediction crown.”
According to Max, more banks will be competing with each other to come up with higher and higher price predictions.
“But none of them are going to capture the ultimate bull market number because remember, bitcoin has no top because fiat money has no bottom.”
4 Reasons Why Bitcoin Price Is On The Verge Of A New All-Time High
Earlier today the price of Bitcoin (BTC) hit $18,815 on Binance for the first time in nearly three years. Following the breakout, BTC is on track to see a new all-time high in the near term for four significant reasons.
The factors that make a new record high likely are growing institutional demand, reduced selling pressure, a spot-driven market rally, and the significance of the $18,500 resistance breach.
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