According to a report from Bloomberg strategists, it is said that the price of Bitcoin will soar up to a massive $400,000 amidst the mass adoption rate and continuation of dominance over the Gold market.
Data from monthly reports generated by Bloomberg’s analysts shows that the asset will maintain baseline support of around $50,000. Many other analysts believe that the $60,000 mark is the true resistance level for the asset, but by analyzing the recent massive adoption rate from higher-level companies and institutions, Bloomberg analysts think that it really isn’t the case.
The report indicated that if this series of mass adoptions continue in the long term, then who knows where Bitcoin will end up, soaring to a massive price point, higher than any other asset. Furthermore, if Bitcoin ETFs are to be approved around the world, then that will surely put pressure on the United States regulators to follow the same route, giving Bitcoin even more space to expand.
Battle for the Market Cap Throne
Strategists are taking the past regressions of Bitcoin into consideration. Seeing the asset grow this much, they predict that Bitcoin price is yet to increase to the next level, potentially reaching the $400,000 mark.
If Bitcoin manages to do this, then it will definitely for the throne of market capitalization, reaching around $7 Trillion, skyrocketing its value to extreme levels beating giants like Apple and Microsoft to compete with Gold, which as of now, is hovering over the $11 Trillion range.
Bitcoin vs. Gold
Looking at Gold, the analysts have also highlighted that the speed of Bitcoin’s domination over gold sectors has increased, suddenly from a moderate level to a very fast level. Strategists believe that even if the value of Gold increases, it will mean nothing as the world is rapidly moving into the digital age where digital assets will become more valuable than standard physical assets.
They called this battle ‘Analog vs. Digital,’ where it seems more likely that Digital assets will finally have a chance to dominate the everlasting shiny analog asset. Many founders and CEOs of several huge companies have already started to notice Bitcoin eating up significant portions of Gold’s market share, indicating that the fierce battle between the 2 for reaching top value will certainly reach new levels.