Bloomberg Intelligence Senior Commodity Strategist Mike McGlone has long been using bitcoin for some time now and he said last month that bitcoin has a “bullish ace up its sleeve.” This week, the strategist’s analysis notes that bitcoin prices will likely return to the $ 60,000 grip, as opposed to the $ 20,000 support range.
ETF analyst: “China does not reject Bitcoin, Bitcoin rejects China”
On July 23, Bloomberg’s Senior Exchange Traded Funds (ETF) Analyst Eric Balchunas shared a screenshot of Mike McGlone’s written statement regarding current bitcoin markets. After hitting a high of $ 35,960 on July 4, the main crypto asset fell to a low of $ 29,300 per unit 19 days later. July 24, Bitcoin (BTC) managed to go back to the $ 34K region because there has been a slight trend reversal in the last 48 hours.
“Our crypto analyst Mike McGlone says bitcoin [is] more likely to reach $ 60,000 than $ 20,000 based on historical price models, ”Balchunas tweeted Friday. “[McGlone] Also says China’s rejection of open source software crypto assets could mark [a] tray in [the] the country’s economic rise, ”Balchunas added. A few people responded to McGlone’s point of view and one person noted:
It’s a hot take on China. Rejecting things like this usually shows a fear that something is better than your own currency. All countries that reject Bitcoin ARE SHOUTING the same thing.
Balchunas responded to comment and said it reminded him of old jokes. “It reminds me of Chuck Norris jokes for some reason. China is not rejecting bitcoin, bitcoin is rejecting China, ”Balchunas said.
McGlone: ”A Bitcoin Market Similar To The 2018-2019 Consolidation Period”
Regarding McGlone Bitcoin (BTC) price predictions are affected, the ETF analyst’s screenshot of McGlone’s outlook said:
Bitcoin is more likely to return to $ 60,000 resistance against $ 20,000 support, if its history of recovery from similar too cold conditions is any guide. Our chart shows the benchmark crypto similar to the 2018-2019 consolidation period of around $ 4,000, just before the launch of the 2019 peak at around $ 14,000. Bears more focused on tactical trading seem to proliferate when Bitcoin holds around 30% of the threshold below its 20-week moving average, allowing time for buy and hold types to pile up.
Besides China, regulators have been crack down on cryptocurrency operations global. Government officials in Europe want to ban anonymous transactions and the European Commission has law Project to “ensure full traceability of crypto-asset transfers”.
In addition to the regulatory climate, global markets, in general, are a shaken touch by the narrative surrounding the Covid Delta variant. While many people who responded to Balchunas’ Twitter feed agreed with McGlone, one person said he only agreed with a specific part of the statement where he said bitcoin is more. likely to reach $ 60,000 as $ 20,000.
This isn’t the first time McGlone has made such predictions regarding bitcoinsthe future price of. Last month, the senior commodities strategist noted “$ 40,000 seems more likely than $ 20,000” and the last call for $ 60,000 is much more optimistic.
What do you think of Mike McGlone’s bitcoin price outlook? Let us know what you think of this topic in the comments section below.
Image credits: Shutterstock, Pixabay, Wiki Commons
Warning: This article is for informational purposes only. This is not a direct offer or the solicitation of an offer to buy or sell, nor a recommendation or endorsement of any product, service or business. Bitcoin.com does not provide investment, tax, legal or accounting advice. Neither the company nor the author is responsible, directly or indirectly, for any damage or loss caused or allegedly caused by or in connection with the use of or reliance on any content, goods or services mentioned in this article.