Bitcoin to $400,000? Yes, according to Bloomberg analyst

According to a Bloomberg analyst, Bitcoin price might have set itself up as one of the safer investment options over the past few months.

As tweeted by Mike McGlone, the senior commodity strategist at Bloomberg Intelligence, the cryptocurrency is heading towards becoming a “risk-off asset” after a year of healthy trading. This comes as a massive contrast to the usual comments of Bitcoin’s reputation as an inherently volatile asset.

Showing Bitcoin’s historic trends and possible trajectory, McGlone pointed out the average price and Liquid Index. The data shows at certain points how the candles are lending themselves to a strong future. According to the estimations set, Bitcoin might peak at a whopping $400,000 USD per token. It seems the analyst pointed this out specifically with institutional investors in mind. As Bitcoin has matured, institutional interest seems to have come part-and-parcel with more mainstream adoption.

While other analysts have predicted Bitcoin rallying, some have had conservative approaches. However, it’s worth Bitcoin’s bullish activity has proved seemingly outrageous predictions as truth. Last year, PlanB bullishly suggested Bitcoin would reach $55,000 USD – a figure which critics took as startlingly high. Bitcoin smashed this figure earlier this month to surge to trade over $60,000 USD at its all-time high. Other predictions for Bitcoin are still to be seen. Both Anthony Pompliano and Max Keiser predict Bitcoin will see a price tag of $100,000 USD (with Pompliano expecting this by the end of this year). The Winklevoss twins forsee Bitcoin surging even higher – overtaking gold as the hottest commodity to hit over $500,000 USD. Only time will tell whether the token will reach these prices. As it stands, the volatility coupled with the strength of the gains seem to be playing in the favour of wider-spread adoption and continued high prices.

Related Articles

United Kingdom riddled with crypto scams

Owing to the lack of regulation and restriction in the United Kingdom, fraudulent companies have been flocking to the country.

US lawmakers seek answers from Silvergate about FTX link

United States senators have requested information from Silvergate Capital regarding the firm's association with FTX.

Bitcoin value in Nigeria surges as cash-free society initiative expands

The adoption rate of cryptocurrency in Nigeria hits new highs and the price of Bitcoin has hit a more than 60% premium.

How is Bitcoin regulated in the United States?

Bitcoin regulation is an ever-evolving topic, especially in the United States where national legislation is impacted by individual states.

See All