With the latest bitcoin crash making headlines, many analysts are sharing their opinions on social media and on related platforms to try and give traders and crypto enthusiasts an idea of where the currency will potentially go in the coming weeks and months.
Mike McGlone on Bitcoin: Where Will It Go?
Recently, the Winklevoss Twins stated that bitcoin could reach a price of $500,000 in the future. They laid their case out, and it appears to be a very solid case considering Bloomberg analyst Mike McGlone agrees with them. He states that it’s very possible for bitcoin to potentially hit the half-a-million mark sometime within the next few years… Either that, or it will come crashing down in a ball of flames.
The fact is that bitcoin has entered very bearish territory as of late. Just a few days ago, the currency rose beyond the $12,000 range for the second time this year, and much like that first time, the spike really didn’t last that long. Furthermore, that spike is now being followed by a heavy series of drops for the world’s number one cryptocurrency by market cap – drops that could send it into oblivion.
The asset is presently trading in the low $10,000 range, meaning it’s lost roughly $2,000 in just a matter of days. Naturally, $500K is looking a little distant at the time of writing, though that doesn’t mean the figure is suddenly impossible to strike. Bitcoin has suffered like this before; it has entered a bearish run, and right when everyone was beginning to lose hope, it suddenly pulled itself out from its hole and reached for the stars.
No doubt bitcoin could do that again. The big question is, “When?” Mike McGlone offered commentary on his sentiment to try and lay out some of the specific details regarding his analysis of bitcoin. In a recent interview, he explains:
Limited supply vs. increasing demand is the bottom line for bitcoin, with macroeconomic underpinnings that support its march toward the market cap of gold at a price of $500,000 by some estimates. Or it could fail.
McGlone points his followers to newfound research that places bitcoin along the same lines as gold. Given that the currency is in limited supply, the asset is likely to increase in value as it becomes rarer and the final coins are extracted. Many are beginning to see it as a store of value or as a “safe haven.”
There’s Still a Lot in Its Favor
However, he is also confident that bitcoin will survive in the coming years given that despite the growing level of competition, bitcoin has always managed to sustain its general market cap and outperformed its altcoin cousins. He states:
Akin to the aftermath of the internet boom of the 1990s, a few cryptos should survive, but market prices have little chance of appreciating, notably vs. benchmark bitcoin.