"Bitcoin Could Be Turning into a Risk-Off Asset"

Mike McGlone, a Bloomberg Intelligence commodity strategist, said, "Bitcoin could be turning into a risk-off asset." McGlone suggested that Bitcoin could continue its parabolic rise this year. According to McGlone, Bitcoin, the most valuable currency in the crypto market, could be on the brink of a major evolutionary change, priced 600 percent higher than its current price. Bloomberg analyst shared in a chart. He said, "As we move towards becoming a global digital reserve asset, the maturation step in 2021 may, in our view, turn Bitcoin into a risk-averse asset." In the graph shared by McGlone, it is shown that if Bitcoin repeats the cycles in 2013 and 2017, the price at the end of 2021 can be 400 thousand dollars. This forecast is well above PlanB's famous stock-flow chart analysis of $ 288,000 for the end of 2024 and Pantera Capital CEO Dan Morehead's $ 115,000 target by August 2021.

Source: Uzmancoin.com