Mike McGlone, Senior Commodity Strategist at Bloomberg Intelligence, believes that Bitcoin is “more likely” to hold $40K instead of $20K after discussing the possibility of capitulation in a recent tweet. McGlone’s opinion follows a number of predictions that say bitcoin could drop into the $20K region if more pullbacks are in the cards.
Bloomberg Commodity Strategist Suggests Bitcoin ‘More Likely’ to Hit $20K to $40K
Bitcoin markets improved on Wednesday following the announcement of El Salvador, which recognized bitcoin (B T c) as legal tender in the country. Even though the news has been positive, some people still aren’t sure what’s “in the bottom.”
has been predicted B T c There was a decline below the $30K area and even as far as the $20K area. Stephen Kelso, head of markets at ITI Capital, told Bitcoin.com News in a note that there are reports that suggest B T c may fall to this lower level.
“Speculative reports suggest bitcoin may soon drop to $20,000, which refers to an imminent impact of the 50 and 200 daily moving averages,” Kelso explained. The ITI Capital executive said, “However, there are still some positive signs for digital asset price re-building, for example with encouraging overnight price action, stabilizing funding for futures and implied volatility in options.” decline.” Kelso elaborated further:
More importantly, there has been a steady accumulation of bitcoin by large institutional wallets and Michael Saylor’s microstrategy has increased the size of its existing junk bond offering to $500 million to buy more. B T c on these levels. These will have a greater impact on macro hedge funds that would like to take advantage of the pullback opportunity.
Mike McGlone, senior commodity strategist at Bloomberg Intelligence Explained His view of the situation on Twitter.
“Bitcoin Capitulation? $40,000 Likely to Cross $20,000 – Bitcoin’s decline on June 8 and a revisit to lower-end-range support of around $30,000 were several signs of extreme bearish sentiment that could lead to a more enduring bull-market.” Bottoms was typical, “McGlone tweeted.
However, not everyone agreed with McGlone’s opinion and one person said: “There is a problem with this. When we surrendered in 2014, 2018 and 2020, we found a low at the 200 weekly MA. We are nowhere near that. The actual surrender is usually 80%+ from the high. You can see this Been extremely enthusiastic through the entire fall.”
Still, some responded with skepticism to McGlone and Stressed on:
Days are different, adoption is different, institutional participation is different. No need to repeat history…
Bitfinex CTO Paolo Ardoino told Bitcoin.com News that the current halving does not come as a surprise to him.
“This current market break is not unexpected,” Ardoino elaborated. “Everyone needs time to assess and digest what the community has built. We look forward to a new momentum as we continue to build on the foundation created by some of the greatest minds in fintech. I am extremely optimistic in the long term about the long-term fundamentals and use cases for the technology.
McGlone: ’Bitcoin has turned into a global digital-reserve asset’
In a few tweets before McGlone’s assessment B T c In the markets on Wednesday, McGlone also said that bitcoin adoption was “like Woodstock” at the Bitcoin 2021 conference in Miami.
“The June 3-5 Bitcoin 2021 conference further validates our view that bitcoin has transitioned into a global digital-reserve asset and is far from being a speculative crypto,” McGlone commented on Twitter.
Senior Commodity Strategist at Bloomberg tweeted On the rise in gold prices in recent days and noted that the previous correction of gold looks complete. “Gold above $2,000, silver $30 – Can’t wait for June unemployment – US unemployment reports weaker than April and May consensus support our key conclusion that gold and silver are ready to resume their bull markets.” The hurdles from rising bond yields and bitcoin have been removed,” the strategist said.
What do you think about Mike McGlone’s prediction that Bitcoin will reach $40K before $20K? Let us know what you think about this topic in the comment section below.
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