Mike McGlone, the senior commodity strategist at Bloomberg Intelligence, has shared his predictions about the long and short term status of Bitcoin.
He opined that the world’s largest cryptocurrency stands a better chance of reclaiming previous highs in the $60,000 region than receding beyond its current value to $20,000.
He also envisions Bitcoin breaking the $100,000 benchmark by 2025.
While comparing Bitcoin with other stores of value, McGlone expressed his belief that Bitcoin presents a better investment opportunity than gold. He also pointed out how Bitcoin outperformed the precious metal at the heat of the 2020 COVID-19 pandemic.
The strategist, who is a well-known supporter of Bitcoin, has made several bullish calls on Bitcoin in the past. His prediction from November 2020 that BTC would surpass $20,000 in value did indeed materialize.
This time around, he has voiced his optimism that Bitcoin, which has been trading around the $30,000 region since May, could surge upwards in the near future. He is one of the few mainstream analysts to maintain a bullish stance on Bitcoin despite the ongoing negative market action. Guggenheim CIO Scott Minerd, for instance, recently said that Bitcoin could bottom out at $10,000.