November 30, 2020

Bitcoin repeats gold scenario - BTC price reaches $180,000

Bitcoin Will Repeat Gold Scenario - BTC Price Reaches $ 180,000

In the near future, the bitcoin rate will reach $ 20,000, but this threshold will only be an important level of resistance on the way to 10x growth and a price tag of $ 180,000. This opinion was expressed by analyst Mike McGlone. In an interview on Bloomberg, McGlone said that Bitcoin would repeat the scenario of gold, which, having reached the price of $ 2,000, strengthened the entire bull market.

"An important point with bitcoin: if you look at past activity, which is potentially an indicator of future activity, in the next year or two it [bitcoin] could add a zero to the end."

The analyst claims that bitcoin is becominga distinct version of digital gold, despite the fact that cryptocurrency volatility has decreased over the entire 2020, and the indicators of price volatility remain lower than that of gold throughout its existence.

Institutional interest

According to McGlone, the new rally alsocorrelates with the transformation of bitcoin into an institutional asset, given the limited supply. At the same time, macroeconomic indicators remain positive, the analyst noted. In 2020, bitcoin remained the most correlated with gold, although it had previously been in step with stocks.

"It's a kind of transformation" - notes McGlone.

A similar optimistic forecast for Bitcoinexperts from the German giant Deutsche Bank adhere. According to bank analyst Jim Reid, bitcoin has recently begun to be used as an alternative to gold as a hedge against inflation and hedging risks associated with dollar devaluation.

However, McGlone is not the first timeadheres to an extremely positive scenario of the price dynamics of the cryptocurrency. In October, the analyst predicted at least tenfold growth in Bitcoin over the next five years.

At the time of this writing, the price of BTC / USDT is $ 18,500.

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Bitcoin Will Repeat Gold Scenario - BTC Price Reaches $ 180,000

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