Mike McGlone: bitcoin will rise to $ 70,000

Mike McGlone, asenior commodities strategist at Bloomberg, tweeted that bitcoin BTC $56,416.10 Bitcoin -1.81% Market capitalization $1.11 trillion VOL. 24 hours $4.33 billion is approaching $ 70,000. The analyst also touched upon the consequences of the flagship crypto asset’s bullish rally and what might happen to the gold price when it does.

The Bloomberg expert mentioned the recent surge in bitcoin prices and the fact that the main cryptocurrency is likely to target the $ 70,000 mark. According to him, gold is considered to be a competitor to BTC in the world of physical assets, and «the current massive inflows into spot bitcoin exchange-traded funds could leave the metal naked in portfolios.»

Despite the fact that China is rapidly buying gold, McGlone emphasized, a huge wave of interest is now directed at bitcoin exchange-traded funds, which were recently approved by the Securities and Exchange Commission after almost a decade of lobbying. The crypto expert notes that many investors are withdrawing their funds from gold ETFs and transferring them to bitcoin funds.

As of March 3, the market leader was trading at $ 61,517, down almost 1%. The total number of coins circulating on the market amounted to $ 1.2 trillion. Traders made daily trading deals worth $ 21.7 billion. Bitcoin’s dominance in the market amounted to 52.3%, according to the analytical tracker CoinMarketCap.