After $40K, this strategist is sure Bitcoin’s $50K milestone is within reach

09 January 2021, Saturday, 11:10 - ambcrypto.com
After $40K, this strategist is sure Bitcoin’s $50K milestone is within reach
Image Source: Pixabay

Senior commodity strategist for Bloomberg Intelligence, Mike McGlone stated today that Bitcoin’s price has the potential to reach $50,000 and that prospects of the digital asset to revisit old highs around $20,000, were diminishing for Bitcoin. The analyst took to Twitter on 7 January and also said that Bitcoin may be a better asset to invest in rather than gold, as of this month.

Image Source: Twitter

According to the financial expert’s analysis in October 2020, Bitcoin could continue appreciating in price and eventually reach the $100,000 milestone by 2025. McGlone based this macro outlook on the asset’s growing popularity, which was also seeing increasing adoption, however at a slower pace, at the time.

Moreover, on-chain market intelligence firm Glassnode recently suggested that Bitcoin could rally to much bigger figures. The firm correlated current market conditions to the crypto’s earlier price surge in 2017 when Bitcoin increased tenfold.

Contrastingly, financial strategist and founder of Rosenberg Research and Associates Inc, David Rosenberg considers Bitcoin to be in a market bubble at present. The former Merrill Lynch chief economist intends to avoid investing in the crypto, at least for the next twelve months, and instead aimed to invest in the areas that “are not bubbly and that have a lot of catch-up potential.”

Further, where others see Bitcoin as a hedge against inflation, gold advocate and longtime Bitcoin critic Peter Schiff remains unconvinced about the popular crypto. He often refers to the digital asset as a bubble and believes that in the event of inflation, that is when “institutions finally start to worry,” they would rather invest in gold instead of Bitcoin.

Messari co-founder Dan McArdle found that Bitcoin outperformed everything over the last ten years. The digital asset noted 7,837,884% gain in the last decade, while gold returned a 32% profit seen in the image below:

Image Source: Twitter

At press time, Bitcoin price is trading at $38,475.46 shortly after the asset breached another ATH at $40,000.



Read Also

The volumes are screwed up, the capitalization is swollen, what's next?

The volumes are screwed up, the capitalization is swollen, what's next?

Exchanges attract daily volumes with the help of bots cheating. The altcoin is not engaged in cheating, but it attracts key players. It turns out that making decisions based on volumes is doubtful.

When to sell Bitcoin?

When to sell Bitcoin?

Everyone wants to know when to sell their tokens and leave the market. Prediction tools exist in closed access. For example, the Bitcoin Days Destroyed chart shows how active the long-term BTC coin holders are.

How not to miss the start of the bull market next time?

How not to miss the start of the bull market next time?

I would like to present a useful tool to identify the new Bitcoin growth cycle - the Golden Ratio Multiplier. Do not be afraid of unclear words. The important thing is that with the help of this chart it is easy to understand when the BTC starts a