Bitcoin is likely to reach its all-time high of $20,000 next year, said Mike McGlone, Senior Commodity Strategist at Bloomberg Intelligence.
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According to the analyst, bitcoin (EXANTE: Bitcoin) might reach $20,000 while an ounce for gold is set for $2,000 in 2021.
"Refreshed bull markets in the quasi-currencies, with improving fundamental and technical underpinnings," McGlone wrote on Twitter.
Earlier, Bloomberg analysts reported that bitcoin may undergo "a parabolic 2021" as it did in 2013 and 2017 as favorable macroeconomics, akin to those buoying gold, supports the digital store-of-value.
"Previous Bitcoin resistance at about $10,000may transition toward $20,000 in 2021," states Bloomberg's Crypto Outlook, November 2020.
McGlone's projection comes as JPMorgan analysts admitted that Grayscale Investments' Bitcoin Trust outperforms gold-based exchange-traded funds (ETFs) thanks to the participation of institutional investors.
Analysts believe the increased confidence in the GBTC suggests demand for Bitcoin comes not only from millennials, but also from large institutional investors.
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