Bloomberg envisages bitcoin soaring to $400K

Bloomberg envisages bitcoin soaring to $400K

Mind-boggling forecasts for the first cryptocurrency never cease to surprise market participants. Mike McGlone, a senior commodity strategist at Bloomberg, is advocating for an extremely bullish scenario. "[Bitcoin] on its way to becoming a global digital reserve asset, a maturation leap in 2021 may be transitioning Bitcoin toward a risk-off asset," he said in a tweet.

The strategist is confident that by the end of this year, the number one cryptocurrency will reach $400,000 per coin. In his calculations, McGowan relied on bitcoin’s performance during the 2017 and 2013 bull runs when the cryptocurrency reached its peak values. "To reach price extremes akin to those years in 2021, the crypto would approach $400,000, based on the regression since the 2011 high," Mike said.

As of Friday, April 2, bitcoin was trading at $59,588 per coin. During the day, the cost of bitcoin increased by 1%. On Friday morning, the figure exceeded $60,000 per coin.



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