Market Musings

Bitcoin Cools After Oracle Disappointment, But Analyst Sets Big Price Target

Published on:
March 11, 2021

Bloomberg's Mike McGlone believes Bitcoin could hit $80,000 — up 40% from current levels.

Bitcoin Cools After Oracle Disappointment, But Analyst Sets Big Price Target

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Bitcoin has cooled off after surging to $57,258.25 — and it appears the rumor mill hasn’t been helping matters.


In recent days, speculation has been growing that Oracle was set to become the next big corporation that would hold Bitcoin in reserve. Some reports suggested that the tech giant was set to invest $4 billion — dwarfing the likes of Tesla.


But there was disappointment for the crypto sector after the company’s CEO made no mention whatsoever of Bitcoin in a conference call to investors after releasing results for the third quarter of the fiscal year.


‘Demand is Rising’ 

In other Bitcoin news, Goldman Sachs has said it is looking for ways to satisfy growing demand among its customers who want to gain exposure to cryptocurrencies. The U.S. investment bank is currently exploring whether it should launch a Bitcoin exchange-traded fund. Chief operating officer John Waldron told Reuters:

“Client demand is rising. We are regulated on what we can do. We continue to evaluate it ... and engage on it.”

The big question now is whether BTC has an opportunity to advance beyond all-time highs of $58,330… and where the next big milestone could be.


According to Mike McGlone of Bloomberg Intelligence, Bitcoin has the potential to overtake Amazon’s market cap in the not-too-distant future. While the world’s biggest cryptocurrency has an overall valuation of $1.05 trillion right now, the e-commerce giant is streets ahead on $1.53 trillion.


He also believes that $80,000 is an achievable price for BTC going forward — a 42.8% increase from current levels.


While Ether, Cardano, Polkadot, XRP and Uniswap are all in the red over the past 24 hours, Bitcoin was up 2.3% as of 12pm London time on Thursday.

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Connor Sephton

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