Bitcoin's new target level is $ 400,000

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Experts are confident that the restless Bitcoin can reach a new high. In particular, it is expected to increase to an impressive $ 400,000 by the end of this year.

According to Mike McGlone, Bloomberg's cryptocurrency strategist, Bitcoin's price could reach $ 400,000 per coin this year. This expert believes that the current year will be a meaningful year in the history of the main cryptocurrency. It is currently on the way to becoming a reserve asset with minimal risks. Thus, this year promises to be a turning point for BTC. Mr. McGlone said that transformation into a global protective asset with a low level of risk is approaching.

At the moment, the main digital asset continues to struggle for leadership in the crypto market. On Monday morning, it was trading around the level of $ 55,059, trying to overcome new upward turns. Experts emphasize that these attempts occur with varying success.

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Analysts believe that the current Bitcoin rally looks like the trends from 2013 and 2017. It can be recalled that the main cryptocurrency reached its peak values during these periods. However, this sharp growth was followed by a lull, which ended with another rise after some time. McGlone says that if this scenario is repeated, the main digital asset will reach $ 400,000.

The forecast of the crypto analyst Bloomberg exceeds the wildest expectations. Many specialists rely on the stock-to-flow model when calculating Bitcoin's price. Such a scheme assumes the price of bitcoin will rise to $288,000 by 2024.

According to experts, the correction period of the leading cryptocurrency is in the final stage. Experts note a decrease in "bearish" and an increase in "bullish" sentiment in the digital asset market. During the previous week, the majority of market participants opened long positions on Bitcoin. This provoked strong volatility in the quotes of the leading crypto asset.

They also think that the cryptomarket fluctuation is just temporary, which can be followed by a noticeable growth. Many of them focus on Bitcoin's limitless potential. Some crypto enthusiasts are confident that the leading digital asset will reach $ 1 million in the next 10 years. Meanwhile, experts are cautious in their forecasts, expecting Bitcoin to rise within $ 100,000 by the end of 2021.

The material has been provided by InstaForex Company - www.instaforex.com

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