The Bloomberg strategist says Bitcoin's $ 400 price tag would "rhyme" with history

Bloomberg strategist says Bitcoin price of $ 400 would "rhyme" with history - Mike McGlone Bloomberg Bitcoin Bull Run 1024x576According to Mike McGlone, Senior Commodity Strategist at Bloomberg Intelligence, if Bitcoin's current performance is compared to its performance in 2013, the world's number one digital currency, it is on track to hit $ 400.000, despite multiple corrections.

McGlone said Bitcoin has established itself as a reserve currency, evident in the snowball adoption by retail and institutional investors. The current trajectory of Bitcoin and the current world fiat inflation will see Bitcoin become a global reserve asset.

"#Bitcoin in transition to risk-free reserve assets: BI Commodity: on track to become a global digital reserve asset".

Bitcoin matures in 2021

The entrance of institutional investments In the cryptocurrency market, the increase and improvement of cryptocurrency-based infrastructure and products, as well as the growth of the DeFi sector, will provide the perfect environment for Bitcoin to mature in 2021.

"A leap forward in maturation in 2021 could lead Bitcoin to a risk-free asset, in our view."

McGlone also said in a separate statement that Bitcoin is one of the most innovative ideas of the 21st century and that it has appreciated its value since its inception.

"A basket of #metals including #Bitcoin has greater price appreciation in the 21st century."

What is the next step for Bitcoin?

The statement comes in the midst of high market volatility, with bitcoin continuously fluctuating between $ 50.000 and $ 55.000 over the past few days.

As we have also reported earlier, Bitcoin was expected to stay below the $ 60.000 level to fill some gaps and fight two key resistance levels at $ 56.000 and $ 58.000. This is unless new buyers enter the market in significant numbers.

Elon Musk's recent announcement that he would accept Bitcoin as a payment option for Tesla electric cars should have had significant action on Bitcoin's prices. CoinMarketCap data shows that Bitcoin reached a high of $ 57.262 from an opening price of $ 54.710.

However, the gains wore off before the day was over and bitcoin was unable to claim a price above $ 54.000 but only hit a low of $ 50.856.

At the time of writing this new article, Bitcoin has gained 4,15% in the past 24 hours to trade at $ 54.855, with a market cap of over $ XNUMX trillion.

According to cryptocurrency analyst and trader Rekt Capital, bitcoin for the first time in history has followed the Stock-to-Flow line which could see it at $ 84.000 in May 2021.

And what do you think of it? Everyone is now quick to say that digital currency will soon reach new levels that we could not expect until now. Will this really be the case or will the whales win?

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