A Bloomberg analyst set the bar much higher as the Bitcoin price stepped closer to the all-time record with its strong rally. Analyst Mike McGlone expects the Bitcoin price to be $ 170,000 by 2022.
Bitcoin tends to maintain its strong performance since the beginning of November. The bitcoin price has increased by more than 11% in the last 7 days and is now hovering above $ 18,100. The distance between the BTC price and the record level of $ 20,000 is now less than $ 2,000. But Mike McGlone, one of the Bloomberg analysts, made statements stating that the Bitcoin run will not end at $ 20,000.
A zero can be added to the right of the price
Mike McGlone, saying that Bitcoin added one to the left of last year’s price; He suggested that a zero will be added to the right of the price this time until 2020. McGlone said looking at past performance for BTC could potentially be an indicator of the future. “It could add a zero behind its price in the next year or two,” McGlone said in a statement on Bloomberg TV.
In line with what Bloomberg analyst Mike Mcglone said, BTC closed 2019 at $ 7,000, and the price was $ 17,000 for a few days. If McGlone’s Bitcoin price prediction method proves its accuracy once again, adding a zero to the right of this number, the BTC price could be 170,000 dollars.
Considering Bitcoin as digital gold and corporate FOMO is important in this rally
According to Bloomberg’s McGlone’s statements, the basis of the Bitcoin price increase may be people starting to see it as digital gold. Saying that gold, which is seen as the most fundamental store of value, has entered a consolidation process with the record of 2 thousand dollars on an ounce basis, McGlone said that BTC can follow in its footsteps. The analyst stated that Bitcoin could break the record of $ 20,000 and consolidate in the bull market.
McGlone also noted that corporate perception of FOMO could be the reason why the new rally was different from that of 2017. The billion-dollar company MicroStrategy then stated that this interest was fueled by Square’s purchase of Bitcoin as a reserve. In addition, PayPal’s Bitcoin move, which is seen as another pillar of corporate interest, was interpreted as an important development.