Bloomberg’s Mike McGlone has emerged to mention that the price of bitcoin could potentially reach 0,000 come 2022.McGlone Is Always There When Bitcoin SpikesMcGlone is a leading expert when it comes to bitcoin and the price trends its follows. He commented in a recent interview that over the past year, bitcoin has followed a specific pattern of adding a zero to its price following every 12 months. For example, he comments that bitcoin ended 2019 in the ,000 range. Now, it is trading for more than ,000 more, thereby adding another zero to its string of numbers since then.Granted bitcoin does the same thing in 2021, the currency could find itself trading for 0,000 or 0,000. This would all be fine and dandy, though there are two issues with this prediction. First off, it’s a bit
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Bloomberg’s Mike McGlone has emerged to mention that the price of bitcoin could potentially reach $170,000 come 2022.
McGlone Is Always There When Bitcoin Spikes
McGlone is a leading expert when it comes to bitcoin and the price trends its follows. He commented in a recent interview that over the past year, bitcoin has followed a specific pattern of adding a zero to its price following every 12 months. For example, he comments that bitcoin ended 2019 in the $7,000 range. Now, it is trading for more than $10,000 more, thereby adding another zero to its string of numbers since then.
Granted bitcoin does the same thing in 2021, the currency could find itself trading for $170,000 or $180,000. This would all be fine and dandy, though there are two issues with this prediction. First off, it’s a bit of a stretch to assume that bitcoin would just add another zero to its price each year. As a matter of fact, except for now and 2019, there is no evidence whatsoever that this has been – or will ever be – a regular pattern for the world’s leading cryptocurrency by market cap.
Remember what bitcoin was trading for at the end of 2018? It was going for about $4,000 at the time, which means that between the end of that year and the following one, bitcoin only added about $3,000 to its overall price. For bitcoin to add another zero to its price by 2022, it would have to jump up by more than $100,000 within the same timeframe, which seems largely unrealistic as even by 2020’s terms, the currency has only added about $10K to its overall position.
Second, let’s assume for the sake of argument that bitcoin is certainly capable of reaching such a large and lofty position in such a short period. Well, according to Citibank, the price for bitcoin at the end of 2021 will be nearly double what McGlone is predicting. A new report from Citibank analyst Tom Fitzpatrick suggests that the world’s most popular cryptocurrency could wind up trading beyond $318,000 by the time 2021 is over.
Well, frankly, $318K is a lot more impressive than $170K. While McGlone offers a high number, it’s not as easy to get excited compared with something above $300,000. Either way, McGlone goes into detail regarding his prediction in a recent interview, claiming:
If you look at past performance, which is potentially indicative of the future, next year or two could add a zero to the back of the number.
Following the Gold Pattern?
He says that the primary reason for bitcoin’s recent bull run is because people now see it as a store of value similar with gold. He explains:
I’m afraid it’s probably going to do what gold did. It got to $2,000, and then that’s been consolidating in a bull market since.