Bloomberg Analyst Sees Bitcoin at $50,000 on Anti-Gold Sentiment

A recent meltdown in the Bitcoin price from its record high near $42,000 has done little to shake its bullish bias, at least according to a Bloomberg analyst. In a report published on Wednesday, senior commodity strategist Mike McGlone wrote that the flagship cryptocurrency could hit $50,000 in the coming sessions. He called out Bitcoin for its ability to hold the $30,000-$40,000 range during its latest pullback move, noting that $30,000, in particular, served as a solid support base to attract institutional investors. “About $30,000 is the threshold supported by a rising tide of institutional investors and global adoption as a store-of-value,” Mr. McGlone explained. “Our graphic depicts the milestone of the 20-week moving average crossing above $20,000, which we view as an extreme downside level in the event of a risk-off swoon akin to 1Q20.” Bid Adieu, Gold As to what brought institutional investors close to Bitcoin, Mr. McGlone…

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