Analysts for the market data firm also said global indicators were showing a “shift in the global tide” in favor of Bitcoin versus gold as a reserve value

Bitcoin could hit as much as $ 400,000 this year, based on previous bull runs, according to new data from cryptoanalysts at Bloomberg.

In the April issue of his Crypto Outlook 2021The analysts said the original digital currency was “on similar ground” to its 2013 earnings, when its value multiplied 55 times, and 2017, when its value rose 17 times.

“To hit price extremes similar to those of those years in 2021, crypto would approach $ 400,000 based on regression since the 2011 high,” the report said.

READ: Chinese Bitcoin Mining Is Threatening Climate Goals Due To Coal Consumption

Meanwhile, Bloomberg highlighted that global indicators were showing a “shift in the global tide” in favor of Bitcoin versus gold as a reserve asset, while the decision of large companies like () to invest in crypto also showed its value and reputation as “crypto “Could increase. potential global digital store of value ”.

The report also noted a “rising tide” of investments in crypto assets by both institutions and individuals, with assets in publicly traded crypto funds as of March 25 from less than $ 10 billion in October last year rose nearly $ 60 billion.

“Despite the speculative excess in the broader crypto market, we believe Bitcoin is less prone to a sustained uptrend. The upcoming launch of Bitcoin-oriented US exchange-traded funds is another positive foundation, “the report said.

But could it all be a Chinese trap?

While Bloomberg analysts are extremely optimistic about Bitcoin, investors in other sectors of the sector are less positive about the sector. Some even warn that the cryptocurrency could be a financial weapon for the Chinese government.

On Wednesday, billionaire Peter Thiel, co-founder of Holdings Inc () and Palantir Technologies Inc (NYSE: PLTR) said Bitcoin could be a “Chinese financial weapon” that could jeopardize the status of the US dollar as a global reserve currency.

Thiel’s comments at the Richard Nixon Foundation follow similar comments from Canadian businessman Kevin O’Leary, who said last month that Bitcoin’s potential exposure to China could cause problems for those looking to invest in the cryptocurrency.

Chinese bitcoin miners account for around 80% of the world’s total cryptocurrency trading, so the sector is exposed to acute government changes within the authoritarian state.

Bitcoin was trading 0.03% higher at $ 56,757 at noon on Thursday.