Bitcoin (BTC) is close to a new ATH at USD 1,500. The bulls are making the effort to overcome the final hurdles even though the $20,000 USD is more of a symbolic destination than a final destination for BTC. The BTC is expected to culminate at much higher peaks according to Mike McGlone.
The $20,000 USD: a passage, not an endpoint
Bitcoin continues on its way to new ATHs and is approaching $20,000, after approaching $19,000 on November 21, 2020.
The $18,500 is a major support for its further ascent. The BTC is trading at $18,502 at the time of writing.
Gold has also reached historic highs at $2,000 per ounce before entering a phase of decline and consolidation.
Bloomberg analyst Mike McGlone said in an interview that $20,000 is an acceptable short-term resistance level. In the long term, he sees the BTC price taking off again.
And another zero
McGlone said that in less than a year, Bitcoin went from $7,000 to $17,000 - the BTC was trading in the $17,000 - $18,500 range at the time of his interview.
According to him, another zero could be added to the latter figure, putting the BTC at $170,000 in the future. For McGlone, Bitcoin is on the verge of becoming the digital version of gold.
He also spoke about the fluctuations in the price of the BTC, indicating that one of the points to remember for the year 2020 is the decrease in its volatility, especially compared to the Nasdaq, the common barometer of the traditional asset market.
According to McGlone, the volatility of all risky assets has increased, with the exception of Bitcoin.
McGlone also mentioned the FOMO of Institutional Investors on Bitcoin, which, combined with the excessive use of the currency board for fiat currencies, are factors that have led many traditional financial players, such as MicroStrategy, to rush into the BTC.
Forecasting a 6-digit Bitcoin: This is nothing new! However, BTC has surprised the markets this year with less volatility than the Nasdaq. Bitcoin is too risky: yes but, that was before?
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