Bloomberg Analyst Mike McGlone: Outrageous Bitcoin Rally Set For This Year
Mike McGlone speculates we could see a rally which would take Bitcoin up 630%:
Bloomberg Analyst Calls for Outrageous Bitcoin Rally This Year – Here’s How High BTC Could Go
“Bitcoin in Transition to Risk-Off Reserve Asset: BI Commodity — Well on its way to becoming a global digital reserve asset, a maturation leap in 2021 may be transitioning Bitcoin toward a risk-off asset, in our view.”
According to McGlone’s chart, Bitcoin is poised to skyrocket to $400,000 before this year expires as it follows the footsteps of the 2013 and 2017 boom cycles. The massive bullish projection far exceeds the prediction of quant analyst PlanB that BTC will hit $288,000 by the end of 2024 and Pantera Capital CEO Dan Morehead’s expectations of $115,000 by August 2021.
McGlone’s big price target for Bitcoin comes as news that governments are considering purchasing BTC sent shockwaves throughout the cryptoverse.