Bloomberg Strategist: Bitcoin Could Reach $400,000

Mike McGlone, senior commodity strategist at Bloomberg Intelligence, said Bitcoin is transforming into a low-risk reserve asset and predicted its rise to $400,000.

McGlone showed on the attached chart that Bitcoin’s bullish rally in 2021 aligns with the 2013 and 2017 cycles. If the scenarios repeat, Bitcoin’s price new high would allegedly reach $400,000.

The strategist expects Bitcoin to rise sevenfold in 2021.

Earlier, Kraken CEO Jesse Powell noted the limitless potential of the first cryptocurrency. According to him, the digital asset will reach $1 million within 10 years.

Tone Vays, a well-known trader, stated that Bitcoin is poised for renewed growth, an all-time high, and then a significant drop. He expects that digital gold will reach the level of $70,000.

Earlier, BTCC head Bobby Lee forecast Bitcoin would rise to $300,000. He said that after reaching this level the rally would give way to a long-term decline.

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