The largest cryptocurrency Bitcoin is continuing its bullish rally and getting close to its previous all-time high. Mike McGlone, the analyst at Bloomberg, has predicted Bitcoin price to reach the $170,000 level in the next two years by 2022.
Currently, Bitcoin's price sits around $17,821, which is a new high of 2020 and increasing continuously at the moment. Not just this year, but Bitcoin has reached the highest in the past three years, indicating a highly bullish rally ahead.
McGlone explained, if Bitcoin is compared to its last year’s price, it has already added a one in front of its number. This might also add a zero to the back of the number by 2022, bringing his prediction comes to life.
“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.”
In 2019, Bitcoin's price ended at $7,000 but now it has crossed over $17,000, pushing towards its all-time-high for the first time in three years. With the current momentum in Bitcoin's price surge, McGlone's prediction might just come true by 2022. However, McGlone is not the only one with great hopes for Bitcoin. Given the recent wave in crypto advancements, many analysts are also betting on a bright future.
Bitcoin has become quite popular in recent years and its fan following has increased to a great extent over the past months. People have started considering Bitcoin as Digital Gold, and it seems to be owning the future. Gold is considered the leading form of monetary investment and Bitcoin is now added to the list. McGlone believes that Bitcoin's price is going to increase quite similar to 2017 and will remain forever in the bull market.