Mike McGlone, senior commodity strategist at Bloomberg Intelligence, believes that after discussing the possibility of surrender in a recent tweet, Bitcoin is “more likely” to rise to $40,000 instead of $20,000. McGonlong’s view is based on some predictions that indicate that if there are more corrections, Bitcoin may fall to the $20,000 area.

Bloomberg commodity strategist says Bitcoin is “more likely” to reach $40,000 instead of $20,000

After El Salvador announced the recognition of Bitcoin (BTC) as the country’s legal tender, the Bitcoin market improved on Wednesday. Although the news is positive, there are still some people who are not sure whether the “bottom has reached”.

Some people predict that BTC will fall below the $30,000 area or even the $20,000 area. Stephen Kelso, head of marketing at ITI Capital, explained in a report to Bitcoin.com News that there are reports that BTC may fall to this low point.

“Speculative reports indicate that Bitcoin may soon fall to $20,000, referring to the imminent bearing crossover of the 50 and 200-day moving averages,” Kelso explained. “However, there are still some positive signs that digital asset prices are rising again, such as encouraging overnight price movements, stable futures funding spreads, and lower implied volatility in options,” ITI Capital executives added. Kelso further elaborated:

More importantly, larger institutional wallets continue to add bitcoin, and Michael Saylor’s Microstrategy has increased its current junk bond issuance to $500 million to buy more BTC at these levels. These will have a greater impact on macro hedge funds seeking to take advantage of callback opportunities.

Mike McGlone, Senior Commodity Strategist, Bloomberg Information Explanation His thoughts on the situation on Twitter.

See also  West African Parliament issues warning on the use of cryptocurrencies – Emerging Markets Bitcoin News

“Bitcoin surrenders? USD 40,000 seems more likely than USD 20,000-Bitcoin’s plunge on June 8 and its return to the low-end support level of around USD 30,000 have many characteristics of extreme bearish sentiment, which is a longer-lasting bull market bottom Typical characteristics of “Magron Tweet.

Commodity strategist Mike McGlone said the $40,000 Bitcoin target is
Chart shared by Mike McGlone, senior commodity strategist at Bloomberg, on June 9, 2021.

Although, not everyone agrees with McGlone’s point of view and one person Say: “There is a problem. When we surrendered in 2014, 2018, and 2020, we found the bottom of the 200-week moving average. We are far from it. The actual surrender is usually more than 80% of the high. During the entire collapse In, you have always been too optimistic.”

Nonetheless, some people are Emphasize:

The days are different, the adoption is different, and the institutions participate differently. History does not need to be repeated…

Bitfinex’s CTO Paolo Ardoino told Bitcoin.com News that the current pause is not surprising to him.

“The current market stall is not unexpected,” Ardoino detailed. “Everyone needs time to evaluate and digest what the community has built. We are waiting for new momentum to gather, because we will continue to develop on the basis of the creation of some of the greatest thinkers in the fintech field. In the long run, I Still very optimistic about Bitcoin and the long-term fundamentals and use cases of the technology.”

McGlone: ​​”Bitcoin has been transformed into a global digital reserve asset”

In several tweets before McGlone’s assessment of the BTC market on Wednesday, McGlone also stated that the 2021 Bitcoin Conference in Miami saw the adoption of “Woodstock-style” Bitcoin.

See also  As the cost of display panels rises, Xiaomi’s Mi TV may soon increase in price

“The Bitcoin 2021 conference from June 3 to 5 further confirmed our view that Bitcoin has been transformed into a global digital reserve asset and is no longer a speculative cryptocurrency.” comment On Twitter.

Bloomberg’s senior commodity strategist also said Tweet Regarding the recent rise in the price of gold, and pointed out that the previous correction of the price of gold appears to have been completed. “Gold is above US$2,000 and silver is US$30-may not wait until June unemployment-US unemployment reports in April and May were weaker than consensus, supporting our key conclusion that the time is ripe for a return to the bull market in gold and silver “The unfavorable factors from rising bond yields and Bitcoin have eased,” the strategist added.

What do you think of Mike McGlone’s prediction that Bitcoin will reach $40,000 before $20,000? Please tell us your thoughts on this topic in the comments section below.

Tags in this story

Assets, bearish, bitcoin, bitcoin (BTC), bitcoin capitulation, Bloomberg analysts, bullish, capitulation, economy, finance, gold, gold prices, ITI capital, markets, Mike McGlone, Paolo Ardoino, PMS, precious metals, Short-term, silver, Stephen Kelso

Image Source: Shutterstock, Pixabay, Wiki Commons, Mike McGlone, Twitter,

Disclaimer: This article is for reference only. It is not a direct offer or invitation to buy or sell, nor is it a recommendation or endorsement of any product, service or company. Bitcoin.com does not provide investment, tax, legal or accounting advice. The company or the author shall not bear direct or indirect responsibility for any damage or loss caused or claimed to be caused by using or relying on any content, goods or services mentioned in this article.