Mike McGlone, senior commodity strategist at Bloomberg Intelligence, has said that Bitcoin is on pace to reach $20,000 in 2021.
Bitcoin has been on a tear in recent months. Starting the year at $7,208, Bitcoin rose until it momentarily broke the $10,000 barrier on June 2, 2020. Bitcoin then re-established itself above $10,000 in late July, and has not looked back. Now, McGlone thinks the only way is up for the world’s flagship cryptocurrency.
In a tweet published today, McGlone said, “Annual average prices are on pace to reach $2,000 an ounce for gold and $20,000 for Bitcoin in 2021.”
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
If this does occur, Bitcoin will have set a new all-time high, with the record price currently sitting at $19,982, according to CoinMarketCap.
This prediction also comes after McGlone made a series of bullish claims relating to Bitcoin. On November 4, 2020, McGlone said Bitcoin is now less volatile than the Nasdaq stock market.
US-based cryptocurrency lending platform Cred Inc. filed for bankruptcy on Saturday, a week after it announced a freeze on customer funds amid concerns about fraudulent activity on its platform.
Cred—which provides interest on cryptocurrency deposits and loans backed by crypto collateral, listed estimated assets of between $50 million and $100 million, and liabilities of between $100 million and $500 million.
Previous bankruptcies of big #crypto intermediaries:* MtGox: Japan* Quadriga: Canada...
On the same day, McGlone also tweeted to say Bitcoin can undergo a parabolic new year.
“Bitcoin may undergo a parabolic 2021, as it did in 2013 and 2017, if previous patterns play out again,” McGlone said. He suggested this can occur as long as the world doesn’t experience something completely unforeseen, saying, “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.”
Mike McGlone suggested Bitcoin is in for a parabolic 2021. Image: Bloomberg Intelligence
McGlone is not the only one who is bullish on Bitcoin’s chances to hit an all time high price in the next few months.
Jason Deane, Bitcoin analyst at Quantum Economics, told Decrypt that Bitcoin has actually suffered from being undervalued for a long time. He suggested McGlone might be right, adding, “$20,000 Bitcoin is a realistic and (in my view) quite likely outcome possibly even within the next six months.”
Disclaimer
The views and opinions expressed by the author are for informational purposes only and do not constitute financial, investment, or other advice.
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