Despite the steep fall in May, bitcoin (B T cAccording to Mike McGlone, Senior Commodity Strategist at Bloomberg, the bull market remains intact, with a price target of $100,000 likely to exceed the $20,000 retrace.
$20K or $100K in 2021?
The June 2021 edition of the Bloomberg Galaxy Crypto Index report described bitcoin as ‘stronger, greener and less expanded’ during the height of the rally in April. For this reason, the leading digital currency is more likely to reach the coveted six-digit mark this year than a deep correction to 2017 highs.
McGlone cited an over-expanded rally, Chinese sanctions and undue attention to bitcoin’s energy use as the primary catalysts for the May reform Over 50% drawdown peak-to-trough.
“Bitcoin’s 2021 Foundation Is Firm,” McGlone wrote, to link:
“By the end of 2020, the history of bitcoin suggests that crypto will be bullish in 2021, and we see improving support for it.”
“In 2020, 260-day volatility fell to its lowest versus most major asset classes, particularly the S&P 500. Last year’s supply cuts, migration to institutional portfolios, Ethereum futures and the launch of ETFs in Canada and Europe, And we see a greater chance for bitcoin to rise to $100,000 than stay below $20,000.”
analysts are divided
Nevertheless, analysts are divided about BTC’s trajectory in the lower-to-intermediate time frame. Many theorists are predicting a retest of the 2017 high with at least one classic indicator Predictions for lows around $16,000. Others, such as on-chain analyst Willy Woo, say BTC’s bottom could be due thanks to improving network fundamentals and high adoption rates.
Big picture perspective on being a boss $BTC With money in reasonable shape you can lose
Market Tops $64,7kf
Market corrected to $30,0k
Worst I Can Imagine $21,0k
Why would someone exit a non-leveraged long when the market was already 80% worst case scenario?
— Peter Brandt (@PeterLBrandt) 2 June 2021
Cycle theorist Bob Lucas believes there is a good chance that the BTC price corrected last month, but warns of an intermediate downtrend in the next 60 days. “Intermediate trend is now down,” Laukasso tweeted May 27, “But Secular Bull Trend Provides Counter Balance.”
Nevertheless, he accepted Considering the difficulty of trading without a clear trend, the potential for downside risk exposing the $20,000 handle.
Still looking at cutting 60 day cycle #bitcoin. Trading is difficult for most. Everyone confirms with Off the Map Price Prediction. Mostly looking for personally (business) for now.
There is downside risk to $20k (trend is down), so have a plan just in case.https://t.co/13vdALGfSX
— Bob Lucas (@BobLoukas) 1 June 2021