In October 2020, to speak that Bitcoin would reach the US$ 50 thousand mark could be a high bet, today, however, McGlone’s forecast seems to be conservative.
With the turn of 2020 to 2021 Bitcoin maintained all the strength it had been carrying during the end of last year. It not only passed the US$ 30 thousand mark, but continued to climb and now beat the US$ 40 thousand mark for a short period, just before correcting.
For one of Bloomberg’s strategists, this new mark will be a new support, with much more chances of the digital currency reaching $50,000 than returning to $20,000.
With the recent move, Bitcoin continued to break price records, being well above its level in 2017. For many this is a normal move, expected months after halving, as had already happened in previous years.
For Mike Mcglone, a senior strategist at Bloomberg, there is a much better chance that Bitcoin will reach $50,000 than to return to lower levels.
„January Cryptomites Overview: Bitcoin may be better than gold – Cryptoactives in 2021 are initially dealing with Bitcoin’s lower chances of revisiting other prices around $20,000 vs. the currency’s growing potential to stay on track for $50,000 and a market capitalization of almost $1 trillion“.
While Bitcoin’s recent upswing may be a mystery to most, with some talking about the effects of halving and others „blaming“ the FOMO and the current financial crisis, the digital currency continues to break its resistance levels.
In October 2020, talking that Bitcoin would reach the $50,000 mark could be a bet too high today, however, McGlone’s forecast seems conservative.
If the cryptomoeda maintains the high it is, it could reach US$ 50 thousand in a matter of days. This would be an increase of a little less then 30%, but on the first 7 days of 2021 the active has valued more then 40%, proving to be able to reach the goal.
Complementing McGlone’s comment, during 2020, mainly after the global crisis, Bitcoin Trend App proved to be superior to the gold valuation, having performed better than the precious metal.
Here in Brazil it is no different, with the endemic valuation of the real in relation to the dollar, today Bitcoin is being quoted at around R$ 220 thousand, a truly surprising value for all investors.
But of course, it is worth to remember that, just as there are chances of the digital asset reaching 30% valuations, it can also fall by the same percentage, or more. Therefore, every investment requires study.