Bitcoin (BTC) has risen to rarely seen price highs, currently stalling between $17,000 and $18,500 before deciding on its next move. Gold recently broke all-time U.S. dollar price highs, surpassing $2,000 per ounce before pulling back and consolidating in price. Bloomberg Intelligence strategist Mike McGlone thinks the same could happen with BTC.
“Short-term, $20,000 is pretty good resistance,” he said in a Bloomberg interview on Wednesday.
“I’m afraid it’s probably going to do what gold did. It got to $2,000, and then that’s been consolidating in a bull market since.”
Bitcoin rose to just shy of $18,500 on Tuesday before falling close to $17,200 shortly after, based on TradingView.com data. Since then, the asset has traded sideways, consolidating between those two levels. On a longer-term scale, McGlone expects further bullishness for Bitcoin in the coming years. He explained:
“The key thing about Bitcoin this year is very simple — it just added a one to the