A Bloomberg analyst set the bar much higher as the Bitcoin price stepped closer to the 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. 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, 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. 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 could follow in its footsteps. The analyst stated that Bitcoin could break the record of $ 20,000 and consolidate in the bull market.
P.S This is not an investment advice.