Bloomberg analyst Mike McGlone stated that he sees the probability of gold going to the $ 3,000 level very high in this bull run. The analyst also maintains his optimistic outlook on Bitcoin.
Bloomberg’s veteran analyst Mike McGlone predicted that the road for gold, the rising star of the last period, will continue to be upward.
The firm’s commodity analyst said in his August comment that he thinks gold will continue its rapid upward movement. The analyst stated that the most important factor that led him to make this comment was the continued decline in the dollar and macroeconomic developments:
“When the dollar-denominated markets and stocks fall, gold will again gain very important gains.”
“4000 dollars can be caught in gold price”
As will be remembered, gold broke its highest level in 2011 in early August. Then, this upward wind was cut with the arrival of profit sales. While many experts state that this correction put an end to the rise of gold, analysts like McGlone are betting on the continuation of the uptrend. McGlone points out that the conditions and financial crisis that pushed central banks around the world to print money continue, and that this is the beginning of the long-term bull run for gold. The analyst, who describes the probability of the price of an ounce of gold rising to the level of 3 thousand dollars in this bull run as “very high”, says:
“The printing of money by central banks increases inflation, which benefits the storage tools. In 2008, gold was at the bottoms at $ 700, and in 2011 it peaked at $ 1900. This speed, which provides 2.7 times the return, is now available. Since this year’s bottom level is 1470 dollars, 4000 dollars can be reached in 2023 ”
McGlone made similar comments for Bitcoin in June. The experienced analyst said that towards the end of the year, BTC could reach the level of $ 20,000:
“Bitcoin had closed 2019 at $ 7,000 levels, and this price was very close to the bottom. Last year, the highest point was 14 thousand dollars. This means that BTC will almost double in 2020 if it remains in the same band.
“Only an unexpected event can stop Bitcoin”
The successful analyst made the following comment last week by listing some of the factors that will make Bitcoin stand out like gold:
“An extraordinary event must occur for Bitcoin to stop rising. Demand is still high at the moment due to the limited supply of BTC and it looks like it will be in the upcoming period. ”
This interpretation of McGlone came right after Bitcoin fell from $ 12,000 to $ 11,400, but the fact that the largest cryptocurrency was able to hold at this level made analysts think that the rise will continue.