Where is the price of Bitcoin heading?
The price of bitcoin could add a “zero to the back of the number” to hit six digits by 2022, says popular Bloomberg analyst Mike McGlone in his latest bullish prediction for the cryptocurrency.
Speaking on Bloomberg TV, McGlone pointed out that BTC’s past performance is potentially indicative of the future, and that looking at it the cryptocurrency could be due for another significant bull run.
In his analysis, McGlone pointed out BTC ended 2019 at about $7,000, and that this year it already added a one to the front of the number, as it’s trading above $17,000. Taking into account past performance, it could add a zero to the back.
CryptoCompare data shows BTC is currently trading at $18,200 after seeing its price rise over 50% in the last 30 days. The cryptocurrency’s price is less than $2,000 away from its all-time high near $20,000, seen in December 2017.
McGlone is well-known for his bullish bitcoin price predictions. During his interview on Bloomberg TV he pointed out that in the short-term bitcoin is going to face “pretty good resistance” at the $20,000 mark, a prediction he made earlier this month, and could then “do what gold did.”
The precious metal, the analyst said, got to the $2,000 mark and has been consolidating since. It’s worth noting he has predicted the $20,000 price level is but the start of a bull run that will see bitcoin’s market cap get to $1 trillion, where it will face its “next big resistance.”
The analyst also added that bitcoin’s volatility has dropped significantly when compared to previous years, to the point that its 180-day volatility is below that of the Nasdaq. The cryptocurrency’s limited supply, he implied, is attracting institutional investors.
Several publicly traded companies have notably already invested in bitcoin. MicroStrategy, for example, made a $425 million bet on BTC, while Square bought $50 million worth of the cryptocurrency.