Bitcoin will repeat the gold scenario – BTC price will reach $180,000

In the near future, the Bitcoin rate will reach $20,000, but this threshold will only become an important resistance levelon 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 is alsocorrelates with the transformation of Bitcoin into an institutional asset given the limited supply. Macroeconomic indicators remain positive, the analyst noted. In 2020, Bitcoin remained the most correlated with gold, although it had previously kept pace with stocks.

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

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

However, this is not the first time McGloneadheres to an exclusively positive scenario for cryptocurrency price dynamics. In October, an analyst predicted at least a tenfold increase in Bitcoin over the next five years.

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

</p>

</p>

Rate this publication