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Bitcoin Is Poised To Surge To $400k, Bloomberg Analyst Says

The optimistic Bitcoin predictions keep pouring into the crypto space. Now, an important Bloomberg analyst says that BTC will surge to $400k.

The online publication the Daily Hodl notes that a popular Bloomberg analyst says that Bitcoin is on its way towards $400k.

It’s been reported that Bloomberg Intelligence senior commodity strategist Mike McGlone cited the fact that Visa, Goldman Sachs and Morgan Stanley have embraced the digitalization of money – they did this as signs that Bitcoin could replace gold as the global digital-reserve asset.

“Bitcoin adoption has become more sudden than gradual and is likely to accelerate, as we see it, underpinning its price for the foreseeable future and magnifying the dollar’s dominance as the reserve currency,” McGlone said.

He also brought up Tesla, the world’s largest automaker in terms of market cap, allocating some of its assets to Bitcoin – this is another hint at BTC mass adoption.

He continued and said: “We see a rising tide from institutions and individual investors lifting Bitcoin. It appears the narrative has tilted toward allocating a small portion of assets toward the crypto vs. the risks of missing out on the potential for Bitcoin becoming the global benchmark digital asset.”

Bitcoin can reach $400k this cycle

McGlone also said BTC could reach $400k this cycle.

“The technical outlook for Bitcoin in 2021 remains strongly upward if past patterns repeat. Common companions for strong annual rallies in the first-born crypto – low volatility and halvings – are aligned favourably,” he said.

He continued and explained that “Our graphic depicts Bitcoin on similar ground as the roughly 55x gain in 2013 and 15x in 2017. To reach price extremes akin to those years in 2021, the crypto would approach $400,000, based on the regression since the 2011 high.”

At the moment of writing this article, BTC is trading in the green and the king coin is priced at $58,288.83.

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