Bloomberg strategist Mike McGlone shared his short and long-term Bitcoin price predictions. In his prediction, the strategist says that a rise in the Bitcoin price is more likely than a fall. McGlone sees it as more likely to rise despite recent fears that the digital asset has dropped below $30,000. Bitcoin (BTC) has been trading in the $31K and $35K range lately.
“BTC is a better investment tool than gold”
McGlone also emphasized that Bitcoin is a better investment tool than gold. In 2020, Bitcoin experienced a massive price increase as the world economy came under pressure due to the COVID-19 pandemic. Although 2021 is largely seen as a year of recovery for Bitcoin, the slow movement of the economy raises concerns in global markets. As inflation approaches, BTC continues to act as a hedge, further spurring its adoption.
The strategist thinks BTC will reach $100,000 by 2025. Many analysts expect this forecast to come true by the end of the year. For now, the strategist says that Bitcoin is targeting $60K and it is less likely to drop to $20K.
McGlone’s forecast contradicts fellow Bloomberg strategist led by Nikolaos Panigirtzoglou, who expects BTC to drop to $25,000 levels. Another analyst, Guggenheim CIO, Scott Minerd, who says that Bitcoin is in a bearish trend, argues that Bitcoin could not find the bottom and will fall to $15K.
Analyst Sashimi Nakamoto said that after weeks of sideways movement, BTC is ready to break upwards. Market analyst Sashimi Nakamoto wrote on CryptoQuant:
If BTC holds the 30,000 support, the shorts will start to squeeze as BTC moves to the mid-range of the range and will likely start to rise in the next days.
BTC price is trading just under $34,000 nowadays. The asset rallied earlier in the week, supported by the B-Word conference held earlier this week, which was attended by Twitter’s Jack Dorsey, Tesla’s Elon Musk and ARK Invest’s Cathie Wood. At the B-Word conference, Elon Musk’s announcement that Tesla would continue to accept BTC in the future was effective in the rise.
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