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Mike McGlone: Bitcoin Could Reach $400K This Year

Bitcoin has surged like no other asset. The currency is presently trading for about $58,000 – just $3,000 shy of its all-time high. However, while this may all sound dandy at first, there are many analysts out there who seem to think this is just the tip of the iceberg. They claim that bitcoin is going to continue skyrocketing this year – so much so that it may end up reaching $400K per unit by the end of 2021.

Bitcoin Is Likely to Spend the Rest of the Year Increasing

Is this even possible? While bitcoin has been jumping like crazy over the past year or so, it seems like for it to surge from where it is now to such a high level is a bit of stretch. Basically, the currency would have to jump by more than $300,000 within eight months for this prediction to come true. A little far fetched, some might say, but to other analysts, this is entirely probable.

So far, bitcoin has spiked as much as 400 percent in the past 12 months. Mike McGlone – senior commodity strategist at Bloomberg Intelligence – explains in a recent analysis:

The technical outlook for bitcoin in 2021 remains strongly upward, if past patterns repeat.

In his report, he discusses that many of the same technical movements one witnessed in both 2013 and 2017 – prior years that saw huge rises for the world’s number one digital currency by market cap – have been witnessed in both 2020 and 2021. He says:

To reach price extremes akin to those years in 2021, the crypto would approach $400,000 based on the regression since the 2011 high. In September, 180-day volatility on the crypto about matched the all-time low from October 2015. From that month’s average price, bitcoin increased a little over 50 times to the peak in 2017.

Thus far, bitcoin has added close to $30,000 to its price in just the first three months of this year. In addition, 2021 has something solid going for it in that like 2017 and 2013, it is a year that follows a bitcoin halving. Thus, bitcoin could find itself spiking to new levels should past patterns continue as they have. McGlone states:

The year after a supply cut (halving) is what 2021 has in common with 2017 and 2013, along with subdued volatility. Initial support is around the 2021 average price of $44,000 to March 25.

More Institutions Are Giving BTC Its Due

One of the big things that is likely to contribute to bitcoin’s growth is the ongoing attention it is getting from institutional investors. McGlone says that the $1.5 billion invested in BTC through Tesla was a real “inflection point” for the digital currency, and likely caused many large businesses to see the asset in an entirely different light. He says:

Rising equity riches partially diversifying into bitcoin is logical, in our view.

The post Mike McGlone: Bitcoin Could Reach $400K This Year appeared first on Live Bitcoin News.

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Dogecoin0.3410 0.03 % 4.11 % 13.28 %
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