Yassine Elmandjra, a crypto analyst at global asset manager ARK Investment Management LLC, said on Wednesday (February 3) that the current Bitcoin bull cycle could take the price all the way to $390K.
In a tweet published on February 4, Elmandjra said that he could see the Bitcoin price hypothetically reaching $390,000 based on previous bull market price behavior.
Elmandjra’s projection would put the market capitalization for Bitcoin around $8 trillion, equaling nearly 80% of gold’s market cap.
Other analysts have claimed similarly bullish projects for Bitcoin in the mid to long term, owing to a combination of market factors. The decline of the U.S. dollar in light of ongoing stimulus efforts and increased corporate interest in Bitcoin have led to another price surge for BTC, pushing the price above $37k on Friday.
With regard to price targets for Bitcoin, Mike McGlone, Senior Commodity Strategist at Bloomberg Intelligence (BI), Bloomberg’s research arm on the Bloomberg Terminal, wrote in the February 2021 edition of Bloomberg’s Crypto Outlook report that the price of Bitcoin could be moving toward the $50,000 mark in the near future, as investors move funds out of gold and bet on the cryptocurrency space.
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