{"id":115720,"date":"2020-11-19T20:42:28","date_gmt":"2020-11-19T17:42:28","guid":{"rendered":"https:\/\/en.buradabiliyorum.com\/bloombergs-mcglone-thinks-bitcoin-could-hit-170k-over-the-next-two-years\/"},"modified":"2020-11-19T20:42:28","modified_gmt":"2020-11-19T17:42:28","slug":"bloombergs-mcglone-thinks-bitcoin-could-hit-170k-over-the-next-two-years","status":"publish","type":"post","link":"https:\/\/buradabiliyorum.com\/en\/bloombergs-mcglone-thinks-bitcoin-could-hit-170k-over-the-next-two-years\/","title":{"rendered":"# Bloomberg\u2019s McGlone thinks Bitcoin could hit $170K over the next two years"},"content":{"rendered":"

“# Bloomberg\u2019s McGlone thinks Bitcoin could hit $170K over the next two years <\/strong>”
\n<\/p>\n

Bitcoin (BTC) has risen to rarely seen price highs, currently stalling between $17,000 and $18,500 before deciding on its next move. Gold recently broke all-time U.S. dollar price highs, surpassing $2,000 per ounce before pulling back and consolidating in price. Bloomberg Intelligence strategist Mike McGlone thinks the same could happ<\/a>en with BTC.<\/p>\n

\u201cShort-term, $20,000 is pretty good resistance,\u201d he said<\/a> in a Bloomberg interview on Wednesday. <\/p>\n

\u201cI\u2019m afraid it\u2019s probably going to do what gold did. It got to $2,000, and then that\u2019s been consolidating in a bull market since.\u201d<\/p><\/blockquote>\n

Bitcoin rose to just shy of $18,500 on Tuesday before falling close to $17,200 shortly after, based on TradingView.com data<\/a>. Since then, the asset has traded sideways, consolidating between those two levels. On a longer-term scale, McGlone expects further bullishness for Bitcoin in the coming years. He explained:<\/p>\n

\u201cThe key thing about Bitcoin this year is very simple \u2014 it just added a one to the front of the number. Remember it was around $7,000 at the end of last year. What I\u2019m worried about \u2014 if you look at the past performance, which is potentially indicative of the future, next year or two could add a zero to the back of the number.\u201d<\/p><\/blockquote>\n

With his reference of $7,000 near the end of 2019, Bitcoin added a one to that figure, making it $17,000. Adding a zero to the back of $17,000 gives a future projection of $170,000. Bitcoin had already breached $18,000 during McGlone\u2019s interview, however, so adding a zero could arguably mean a future price of $180,000. <\/p>\n

McGlone touched on a number of other important points during the brief segment, including reference to Bitcoin\u2019s price swings. \u201cBitcoin is becoming a digital version of gold,\u201d he explained. \u201cOne key point that\u2019s happening this year is Bitcoin volatility has been declining,\u201d he said. \u201cIn fact, it\u2019s the lowest ever versus gold.\u201d <\/p>\n

The strategist also explained low Bitcoin volatility against the Nasdaq, a common mainstream market barometer. \u201cEvery other risk asset on the planet, volatility has been increasing, Bitcoin has been declining.\u201d <\/p>\n

McGlone also mentioned \u201cinstitutional FOMO\u201d on Bitcoin in line with money printing. This year has seen a number of mainstream financial players buy stacks of Bitcoin, such as MicroStrategy and Jack Dorsey\u2019s Square.\n<\/p><\/div>\n

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Source<\/a><\/span><\/p>\n","protected":false},"excerpt":{"rendered":"

“# Bloomberg\u2019s McGlone thinks Bitcoin could hit $170K over the next two years ” Bitcoin (BTC) has risen to rarely seen price highs, currently stalling between $17,000 and $18,500 before deciding on its next move. Gold recently broke all-time U.S. dollar price highs, surpassing $2,000 per ounce before pulling back and consolidating in price. Bloomberg…<\/p>\n","protected":false},"author":1,"featured_media":115721,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"fifu_image_url":"https:\/\/s3.cointelegraph.com\/uploads\/2020-11\/39464107-94b3-49a4-ac35-9d05375486b5.jpg","fifu_image_alt":"","footnotes":""},"categories":[1],"tags":[74862,74937,75147,75541,71835],"class_list":["post-115720","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-general","tag-bitcoin","tag-bitcoin-price","tag-bloomberg","tag-volatility","tag-gold"],"_links":{"self":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/posts\/115720","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/comments?post=115720"}],"version-history":[{"count":0,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/posts\/115720\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/media\/115721"}],"wp:attachment":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/media?parent=115720"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/categories?post=115720"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/tags?post=115720"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}