523: BITCOIN CAN HIT $400,000 IN 2021 AS ‘RISK-OFF RESERVE ASSET’ SAYS BLOOMBERG INTELLIGENCE!!

Crypto News Alerts | Daily Bitcoin (BTC) & Cryptocurrency News

English - March 27, 2021 15:08 - 18 minutes - 9.16 MB - ★★★★ - 537 ratings
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Previous Episode: 522: BITCOIN OPTIONS TRADERS TARGET $80,000 BY MAY!! HERE’S WHEN THIS BTC BULL RUN WILL LIKELY EXPIRE!!

Next Episode: 524: CRYPTO LEGEND PETER BRANDT UNVEILS INCREDIBLY BULLISH BITCOIN PREDICTION OF $200,000 PLUS PER BTC!!

Bitcoin still gets criticized for being too volatile, but one Bloomberg analyst believes that BTC is conversely becoming a "risk-off" choice for investors.

In a tweet on March 25, Mike McGlone, senior commodity strategist at Bloomberg Intelligence, said that this year marked a watershed moment for the largest cryptocurrency and that a $400,000 Bitcoin price would 'rhyme' with history.

McGlone uploaded a chart of the BTC/USD average price and the Bitcoin Liquid Index, a price ticker specially created for institutional use.

"Well on its way to becoming a global digital reserve asset, a maturation leap in 2021 may be transitioning Bitcoin toward a risk-off asset, in our view," he wrote.

A potential price peak this year, with previous behavior as context, could be as much as $400,000 per bitcoin, the chart shows. This dwarfs other estimates, such as that of stock-to-flow, which calls for an average of $288,000 between now and 2024.

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