Bloomberg commodity strategist Mike McGlone has weighed in on Bitcoin’s near-term prospects. According to him, Bitcoin Price is more likely to rise toward $60,000 rather than fall back below $20,000 in the near future.
McGlone wrote in a report that bitcoin’s current consolidation above the $30,000 mark is similar to BTC’s consolidation around $4,000 after the 2018 bear market before the cryptocurrency moved up to $14,000 in a few months, According to a section shared by Bloomberg’s exchange-traded fund senior analyst Eric Balchunas.
If Bitcoin’s history of recovering from comparable too-cold situations is any indication, he believes it will revert toward $60,000 resistance rather than $20,000 support. He claims the chart displays the benchmark cryptocurrency at around $4,000 during the 2018-2019 consolidation period, just before launching to the 2019 top of around $14,000.
When Bitcoin Price maintains a 30 percent threshold below its 20-week moving average, the more tactical-trading-oriented bearish appear to proliferate, giving the buy-and-hold types time to amass.
According to McGlone, Bitcoin’s consolidation of over $30,000 indicates that the cryptocurrency is preparing for a long-term rally rather than igniting another round of selling.
Shorter-Term Bitcoin Pain Typical for Potential Longer-Term Gain:
Probing $30,000 is more a matter of supportive maturation within a longer-term pricing uptrend than a signal that Bitcoin is destined for dark days. China’s crackdown [confirms] Bitcoin’s revolutionary value.”
Bitcoin’s current price is $40,065 and its market share is 48.35 percent. For the past week, the world’s largest cryptocurrency has been trading in the green. After reports that Amazon may soon begin accepting Bitcoin, Ether, and other cryptocurrencies, the price skyrocketed. The report was later rejected by Amazon.