Long-time Bloomberg strategist Mike McGlone says bitcoin will break its previous all-time high of $20,000 by the end of next year.
McGlone, a senior commodity strategist for Bloomberg Intelligence and regular crypto commentator, says bitcoin is on pace to surpass its former ATH in 2021.
In a tweet published November 9, McGlone said the pendulum was swinging favorably towards bitcoin reaching $20,000. He pointed to “refreshed” bull markets in the assets of bitcoin and gold, with fundamentals and technical underpinnings also improving.
Pendulum Swings Favorably Toward $2,000 #Gold, $20,000 #Bitcoin – Annual average prices are on pace to reach $2,000 an ounce for gold and $20,000 for Bitcoin in 2021. Refreshed bull markets in the quasi-currencies, with improving fundamental and technical underpinnings….. pic.twitter.com/Xgbyfmstzo
— Mike McGlone (@mikemcglone11) November 9, 2020
In an interview earlier in the month with Financial Sense, McGlone said bitcoin had become less volatile than the tech-heavy NASDAQ for the first time in history.
The commodities strategist also published Bloomberg’s Crypto Outlook November 2020 report, predicting that bitcoin could become parabolic in 2021 and mirror its meteoric rise at the end of 2017. He said it was “only a matter of time” until an unforeseen event tipped the market in favor of bitcoin.
#Bitcoin may undergo a parabolic 2021, as it did in 2013 and 2017, if previous patterns play out again. New highs are a next potential iteration and may be only a matter of time unless something we don't foresee trips up the trend of greater adoption and demand vs. limited supply pic.twitter.com/w742J7bXfC
— Mike McGlone (@mikemcglone11) November 4, 2020
Featured Image Credit: Photo via Pixabay.com
