An analyst from Bloomberg speculates that BTC is on the highway of reaching a massive price tag of $400k if the crypto asset maintains its current course of action. The price of BTC has set itself up to be somewhat of a safe investment option considering its performance in the past few months.
Mike McGlone’s Bitcoin Analysis
According to a tweet by Bloomberg’s senior commodity strategist Mike McGlone, the crypto asset is on its way to becoming a risk-off asset as it is nearing a whole year of healthy trading. This view on the position is unique as opposed to the traditional analysis of Bitcoin’s nature, deeming it as a volatile asset. The Bloomberg analyst said in his tweet that BTC would become a global digital reserve asset in the coming future.
McGlone highlighted the Liquid index and average price of Bitcoin according to the historic trends of BTC and its possible trajectory. The data indicates that the candles are borrowing themselves a strong future at certain points. The estimation set interprets that the peak of BTC’s price might be around the tag of $40. It looks as if this speculation has been made by the analyst, keeping in mind the institutional investors. The interest of institutional investors has increased in BTC as it has matured, and this has made them adopt Bitcoin as an asset rather quickly, using it in mainstream finance.
What Have Other Analysts Predicted About Bitcoin
The analysis on Bitcoin has had many contrary predictions by various analysts. Some analysts say that the crypto asset will continue the bull run, reach new heights and break its previous all-time high price records, while some have taken a very conservative approach and say that it is volatile and it could go down in the future.
Even Bill Gates is a bit skeptical about Bitcoin and said in an interview that if the person who is thinking to invest in BTC has enough money as Elon Musk, the owner of Tesla and SpaceX, then they should think about investing in Bitcoin, if not then they should be very careful. However, there has been a mass public and institutional adoption of Bitcoin, which suggests that it is going to grow in value.