Bloomberg's McGlone thinks Bitcoin could hit $170K over the next two years

Bitcoin has risen to rarely seen price highs, currently stalling between $17,000 and $18,500 before deciding on its next move.

Bitcoin rose to just shy of $18,500 on Tuesday before falling close to $17,200 shortly after, based on TradingView.com data.

On a longer-term scale, McGlone expects further bullishness for Bitcoin in the coming years.

"The key thing about Bitcoin this year is very simple - it just added a one to the front of the number. Remember, it was around $7,000 at the end of last year. What I'm worried about - if you look at the past performance, which is potentially indicative of the future, next year or two could add a zero to the back of the number."

With his reference to $7,000 near the end of 2019, Bitcoin added a one to that figure, making it $17,000.

Bitcoin had already breached $18,000 during McGlone's interview so adding a zero could arguably mean a future price of $180,000.

McGlone touched on a number of other important points during the brief segment, including a reference to Bitcoin's price swings.

"One key point that's happening this year is Bitcoin volatility has been declining," he said.

The strategist also explained low Bitcoin volatility against the Nasdaq, a common mainstream market barometer.

McGlone also mentioned "Institutional FOMO" on Bitcoin in line with money printing.