Bloomberg Analyst: $400k Bitcoin Price This Cycle

Share:

Share on facebook
Share on twitter
Share on linkedin
Share on pinterest
Share on reddit
Share on telegram
Share on tumblr
Share on vk
Share on whatsapp
Share on email
Share on digg
Share on mix
Bloomberg analyst, Mike McGlone says Bitcoin price could reach $400k this year

Bloomberg Analyst: $400k Bitcoin Price This Cycle

With the Bitcoin price rhyming with its historical patterns, we could see BTC reach $400k this cycle according to a senior analyst at Bloomberg.

Mike McGlone, the senior commodity strategist at Bloomberg Intelligence tweeted his observation saying Bitcoin was maturing and on its way to becoming a ‘risk-off reserve asset’.

Bitcoin is ‘well on its way to becoming a global digital reserve asset,’ claims McGlone. ‘A maturation leap in 2021 may be transitioning Bitcoin toward a risk-off asset, in our view.’

A big leap indeed from the ‘risky asset’ of how institutional investors viewed Bitcoin only this time last year.

Bitcoin Maximalist Shop

Mike McGlone: Bitcoin Price Rhyming With 2013 And 2017

McGlone said this market cycle was ‘rhyming with the previous bull cycles in 2013 and 2017, and says a Bitcoin price of around $400k at the peak of this cycle is likely.

The Bloomberg analyst used data from the Bitcoin Liquid Index, which shows the correlation between this cycle and the previous two.

The time surrounding the turn of the year shows how two bullish months show significant growth, which also shows more bullish strength in this cycle than the 2013 and 2017 cycles.

And as the chart shows a price projection of around $400k at the peak of this cycle if the Bitcoin price continues to rhyme.

Bloomberg Analyst: Bitcoin price $400k this year

This price prediction dwarfs that of PlanB’s Stock-to-Flow (S2FX), which is predicting a peak of around $288k, and popular analyst Willy Woo who predicted a minimum price of around $200k earlier this year.

What Could Drive Bitcoin Up To $400k?

Bloomberg analyst Mike Mcglone suggests Bitcoin is now a ‘risk off asset’ which is likely to help it on its way to highs of around $400k, but what exactly could help it reach his lofty target?

With institutional demand for Bitcoin increasing, it’s expected a wall of money coming into the space will see the Bitcoin price to much higher highs.

With the state of the global monetary system and institutions now seeing Bitcoin as a risk off reserve asset, it seems inevitable Bitcoin will absorb a lot more value.

In August 2020, MicroStrategy was the first public company to adopt Bitcoin as a treasury reserve asset, which legitimized the asset class as an institutional-grade safe-haven asset.

Buy bitcoin in usa with Kraken

Since then MicroStrategy has invested over $2 billion in Bitcoin and its CEO Michael Saylor says his mission is to help ‘fix the balance sheets of the world.

To do so, Saylor has given out his company’s legal and accounting playbook to any corporation interested in investing in Bitcoin, saving any company months and millions of dollars.

Since MicroStrategy legitimized Bitcoin as an asset class, we have seen the likes of Square Inc., MassMutual, and Tesla among others all making sizeable investments in Bitcoin.

In total there is now over $53 billion of corporate balance sheets invested in Bitcoin, according to Bitcoin Treasuries.

Bitcoin Going To The Moon?

Bitcoin price to the moon, so says Bloomberg analyst...

Back in 2017, the rally was led by retail, which saw Bitcoin price peak at just under $20k. With institutions demanding exposure to Bitcoin the price has been even more bullish than the previous two cycles, at this stage.

With more corporations looking to put Bitcoin on their balance sheet, and more infrastructure such as Bitcoin ETFs, and financial giants like Fidelity now offering enterprise grade custodial services, it seems like Bitcoin will go a lot higher in this cycle.

Will we see $400k, $288k, or even $200k? I’m sure any investor would be happy with all three, but let’s not forget Bitcoin OG Dan Held who is suggesting we might have entered a Bitcoin super cycle, which should see a much higher price.

Paxful Bitcoin marketplace

Share:

Share on facebook
Share on twitter
Share on linkedin
Share on pinterest
Share on reddit
Share on telegram
Share on tumblr
Share on vk
Share on whatsapp
Share on email
Share on digg
Share on mix
Bitcoin(BTC)
$62,685.00(24H Vol)
$110,927,456,660.00
7D Chart

Bitcoin Maximalist is a participant in the Amazon Services LLC Associates Program, an affiliate advertising program designed to provide a means for sites to earn advertising fees by advertising and linking to Amazon .com