Mike McGlone, senior commodity strategist at Bloomberg Intelligence, has long been bullish on Bitcoin. He said last month that Bitcoin has a “bullish trump card.” This week’s analysis by strategists pointed out that compared with the support range of $20,000, the price of Bitcoin may return to the level of $60,000.
ETF analyst: “China does not reject Bitcoin, Bitcoin rejects China”
July 23, Bloomberg Senior Exchange Traded Fund (ETF) analyst Eric Balciunas Shared a screenshot Mike McGron Written statement regarding the current Bitcoin market. After hitting a high of $35,960 on July 4, the leading crypto asset fell to a low of $29,300 per unit 19 days later. On July 24, Bitcoin (BTC) successfully recovered to the $34,000 area due to a slight trend reversal in the past 48 hours.
“Our cryptocurrency analyst Mike McGlone said Bitcoin [is] Based on historical price patterns, it is more likely to reach 60,000 US dollars instead of 20,000 US dollars,” Balchunas Tweet on Friday. “[McGlone] It also stated that China’s rejection of open source software and encrypted assets may mark [a] plateau [the] The country’s economy is rising,” Barcunas added. Several people responded to McGlone’s views, and one Say:
This is a heated discussion about China. Rejecting things like this usually shows fear that something is better than your own currency. Every country that rejects Bitcoin is screaming the same thing.
Barcunas Replied Commented and said that it reminded him of some old jokes. “For some reason, it reminds me of Chuck Norris’s joke. China does not reject Bitcoin, Bitcoin rejects China,” Barcunas said.
Magron: “Similar to the Bitcoin market in the 2018-2019 integration period”
In terms of McGonlong’s Bitcoin (BTC) price prediction, ETF analysts said on a screenshot of McGon’s prospects:
If Bitcoin’s history of recovering from similar over-cold conditions has any guiding significance, then it is more likely to return to the resistance level of $60,000 and the support level of $20,000. Our chart depicts a benchmark crypto similar to the 2018-2019 consolidation period of approximately $4,000, just before reaching a peak of approximately $14,000 in 2019. When Bitcoin maintains a threshold of about 30% below its 20-week moving average, more tactical trade-oriented short positions appear to surge, allowing time for buy and hold types to accumulate.
In addition to China, regulators have been cracking down on cryptocurrency businesses around the world. European government officials want to prohibit anonymous transactions, and the European Commission has proposed legislation to “ensure the full traceability of the transfer of encrypted assets.”
In addition to the regulatory environment, the global market in general is also affected by the narrative surrounding Covid Delta variants. Although many people responded to Balchunas’s Twitter posts and agreed with McGlone’s point of view, one person said that he only agreed with a specific part of the statement that Bitcoin is more likely to reach $60,000 instead of $20,000.
This is not the first time Magron has made such predictions about the future price of Bitcoin. Last month, the senior commodity strategist stated that “$40,000 seems to be more likely than $20,000” and the latest $60,000 call option is more optimistic.
What do you think of Mike McGlone’s Bitcoin price prospects? Please tell us your thoughts on this topic in the comments section below.
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