Bloomberg analyst: Bitcoin will rise to $70,000 soon

On “The Tape” podcast, Mike McGlone talks about his commodities analysis. In his opinion, there is a distinct bearish trend, i. e., prices for most commodities are falling, although there are some splashes. Meanwhile, the situation with cryptocurrencies is just the opposite. Since the beginning of 2021, Bitcoin's rate has increased by 64% and, according to the analyst, has not yet reached its peak. 

Previously, he has already stated his expectation that this cryptocurrency will rise to $100,000, but the first milestone should be the $70,000 mark, and he sees no obstacles to that. Moreover, he notes the possible legalization of digital coins in the U.S. in 2022, as politicians in Washington have repeatedly expressed the need to regulate the new payment technology. In early December, they even summoned the heads of 8 major U.S. crypto projects to develop insights into new technologies and the associated risks. 

The analyst touched on the topic of other cryptocurrencies as well, but in this case, he was conservative: he believes that only Bitcoin, Ethereum, and Stablecoin are important. All other altcoins are speculative and sooner or later will leave the market.