Experts Say Bitcoin Will Rise To $ 400K

Bitcoin surged 20 percent this week, surpassing the $ 22,000 level for the first time. The predictions that the rise in the cryptocurrency with the highest market value may continue is being expressed more and more.

The digital currency climbed as high as $ 22,173, up 4.6 percent in Thursday's trading. He then returned some of his earnings. Both Bitcoin and Bloomberg Galaxy Crypto Index tripled this year. Strong increases were recorded in shares tied to cryptocurrencies in South Korea, Japan and China.

Guggenheim CIO Scott Minerd said in an interview Wednesday with Boomberg TV that the scarcity of Bitcoin is coupled with the Fed's "rapid coin printing" and that digital currency could eventually climb to around $ 400,000.

Kay Van-Petersen, global macro strategist at Saxo Capital Markets Pte in Singapore, said the price action has moved from linear to parabola, partly because retail investors have so far been largely out of the rally.

Oanda Europe Ltd. Senior market analyst Craig Erlam said, "The move was coming over $ 20K, and I was a little surprised that it didn't come before. The Fed incentive might have provided some additional support, but Bitcoin doesn't need it. It could end the year strong with a break above $ 20k." said.

"In Bitcoin, as the end of 2020 approaches, the lowest annual volatility against gold and the stock market is recorded, showing that cryptocurrency can maintain its performance advantage in 2021." Bloomberg Intelligence strategist Mike McGlone states that the Bitcoin / gold price ratio shifts from the current 12 level to the 100 level if the date repeats.

Dan Gunsberg, CEO of the crypto trading platform Hxro, who said that if Bitcoin maintains momentum, the next target will be $ 36,000, and also warns that an obvious break below $ 13,800 would signal a much weaker period.