In January 2021, Bitcoin provides a better investment opportunity than gold, according to Bloomberg lead strategist Mike McGlone. According to his expectations, the rate of the cryptocurrency is more likely to rise to the level of $ 50,000 than to drop to $ 20,000. The last bitcoin was overcome for the first time last month.
McGlone is one of a limited number of traditional analysts who gave positive predictions for the future of the first cryptocurrency long before the current rally, for example, during the 2018 bear market. At the same time, on the climbs, he usually has fairly moderate goals.
In November, McGlone correctly predicted that Bitcoin would soon surpass its previous all-time highs. In his opinion, this should have become only one of the stages on the way to capitalization of $ 1 trillion. The capitalization of the entire cryptocurrency segment has already reached this mark, and in the case of bitcoin, the value is equal to $ 730 billion. On longer-term intervals, the analyst predicts that bitcoin will rise to $ 100,000 by 2025.
“The conjuncture for January for cryptocurrencies: Bitcoin can be better than gold,” McGlone writes. “The main motive for cryptocurrencies in 2021 is initially to reduce the prospects for Bitcoin’s return to old highs of about $ 20,000 and at the same time increase the potential to maintain the exchange rate by $ 50,000 and a market capitalization of about $ 1 trillion.”
Last November, the analyst said that 2021 could be a year of parabolic recovery for Bitcoin, when it repeats the trajectories of 2013 and 2017. Shortly before this publication, the price of the cryptocurrency for the first time crossed the $ 39,500 mark, coming close to the next psychologically significant level.
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