Bloomberg Analyst McGlone Forecasts Bitcoin Bullish Trend Reversal
Bitcoin (BTC) is still trading between $31,000 and $35,000. This is regardless of the latest panic caused by the asset’s price plummeting below $30,000 for the first time. Mike McGlone, a senior Bloomberg analyst, has given his pricing forecasts for the short and long haul.
According to the analyst, Bitcoin will probably appreciate than trend downwards in the future. McGlone compares Bitcoin to gold and believes it is a superior asset. He also predicted that the numero uno crypto will outperform gold. Bitcoin managed to do this last yeat, when the global economy was under stress owing to the COVID-19 epidemic.
Despite the fact that 2021 was widely seen as a year of recuperation, the economy has been sluggish, stoking fears throughout global markets. With rising inflationary pressure, BTC is expected to function as a hedge, bolstering its acceptance.
BTC is expected to hit $100,000 by 2025, according to the analyst. Several financial experts agree with this forecast, with some predicting that it would be realized before the end of 2021. For the time being, the analyst believes Bitcoin will aim for $60,000, with a dip to $20,000 being unlikely.
Other Bloomberg experts, led by Nikolaos Panigirtzoglou, anticipate that Bitcoin will fall to $25,000 in the near future. Guggenheim CIO Scott Minerd, for example, actually stated that Bitcoin had not yet reached its nadir and would go as low as $15,000. Even the pessimists are starting to reconsider their minds after last week’s rebound. BTC appears to be set for a breakout on the higher side after weeks of range bound price movement.
“If BTC maintains the lower band of around 30K, shorts will start to get squeezed when BTC goes to the middle point of the aforesaid range, potentially intensifying in the next days/weeks,” noted market analyst Sashimi Nakamoto on CryptoQuant.
The asset made a return earlier this week, bolstered by the B-Word conference, which included Twitter CEO Jack Dorsey, Tesla CEO Elon Musk, and ARK Invest CEO Cathie Wood. Musk stated that Tesla will most likely restart accepting Bitcoin in the months ahead.