In a recent monthly performance report on bitcoin, Bloomberg analysts, led by strategic product analyst Mike McGlone, highlighted the $50.000 price as the lowest point of support for the digital component.
Although the $60.000 is recognised as the resistance point on the way to the top, they believe that it is in fact “eroding” due to the mass adoption by giants such as Morgan Stanley, Goldman Sachs, Tesla, and many more.
The report marks the entry of these names as the “cornerstone” of mass adoption which “seems to be accelerating” and “supporting its price for the foreseeable future.”
In addition, the approval of several Bitcoin Trading E-Funds (bitcoin ETFs) in Canada, Brazil and other countries will eventually put pressure on US agencies to follow and approve ETFs accordingly. This will be a milestone development for another “strongly upward period”.
Referring to the “previous patterns”, the analyst predicts a significant increase in price.
“The indicators that usually indicate strong annual upward periods, i.e. low volatility and halving are in a favourable alignment”.
If the asset mimics even the most modest price increase, its value could approach $400.000, based on the “regression from the high of 2011.”
If bitcoin reaches such a high price level, its capitalisation will exceed $7 trillion. This will make bitcoin 3 times more valuable than Apple.
