Due to the recent Bitcoin flash crash, many analysts are sharing their opinions on the subject. They want to direct investors and cryptocurrency enthusiasts on what direction the currency could potentially go in the coming weeks and months. Mike McGlone confirms the Wiklevoss brothers' prediction Recently the Winklevoss brothers stated that Bitcoin, in the future could reach a price of $500,000 . Now their prediction has been confirmed by Bloomberg analyst Mike McGlone. He says that it is very possible that Bitcoin could reach a price of half a million dollars in the next few years ... and either reach it ... or collapse. The fact is that Bitcoin has entered very bearish territory. Just a few days ago, the currency crossed the $12,000 level for the second time this year, and just like the first time, the spike didn't last long. Now, the recent rise has been followed by a series of heavy declines. Bitcoin is currently trading in the low $10,000 range, meaning that it has lost about $2,000 of its value in just a few days. A price of $500,000 seems like an outlier prediction, though that doesn't mean that number is impossible to reach. Bitcoin has experienced similar corrections before. Whenever it recorded declines and everyone started to lose hope, it would suddenly rebound and fly "to the moon". No doubt Bitcoin could do it again. The question is, "When?" Mike McGlone provided commentary on his feelings. In a recent interview, he explained: "Limited supply versus growing demand is the foundation for Bitcoin, with macroeconomic fundamentals supporting its march toward a market capitalization of gold at $500,000 by some estimates. Or it could collapse." Bitcoin and gold McGlone draws the attention of his followers to new research that puts Bitcoin on par with gold. Given that the currency has a limited supply, it is likely to increase in value as it becomes more scarce. Many are beginning to view it as a store of value or "safe haven." However, McGlone is confident that bitcoin will survive in the coming years. Especially because despite increasing competition, bitcoin has always managed to maintain its market capitalization and outperform other altcoins. He states: "Just like after the internet boom in the 1990s, several cryptocurrencies should survive, but market prices have little chance of recognition, especially compared to bitcoin." Tags bitcoin Bloomberg btc mcglone
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