Long-time Bloomberg strategist Mike McGlone says bitcoin will break its previous all-time high of $20,000 by the end of next year. 

McGlone, a senior commodity strategist for Bloomberg Intelligence and regular crypto commentator, says bitcoin is on pace to surpass its former ATH in 2021.

In a tweet published November 9, McGlone said the pendulum was swinging favorably towards bitcoin reaching $20,000. He pointed to “refreshed” bull markets in the assets of bitcoin and gold, with fundamentals and technical underpinnings also improving. 

In an interview earlier in the month with Financial Sense, McGlone said bitcoin had become less volatile than the tech-heavy NASDAQ for the first time in history. 

The commodities strategist also published Bloomberg’s Crypto Outlook November 2020 report, predicting that bitcoin could become parabolic in 2021 and mirror its meteoric rise at the end of 2017. He said it was “only a matter of time” until an unforeseen event tipped the market in favor of bitcoin.

Featured Image Credit: Photo via Pixabay.com