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The senior commodity strategist at Bloomberg Intelligence, Mike McGlone, has been long on bitcoin for a while now and he said last month that bitcoin has a âbullish ace up its sleeve.â This week the strategistâs analysis notes that bitcoin prices will likely revert toward the $60K handle in contrast to the $20K support range.
ETF Analyst: âChina Doesnât Reject Bitcoin, Bitcoin Rejects Chinaâ
On July 23, Bloombergâs senior exchange-traded fund (ETF) analyst Eric Balchunas shared a screenshot of Mike McGloneâs written statement concerning current bitcoin markets. After tapping a high of $35,960 on July 4, the leading crypto asset tumbled to a low of $29,300 per unit 19 days later. On July 24, bitcoin (BTC) managed to climb back toward the $34K region as thereâs been a slight trend reversal during the last 48 hours.
âOur crypto analyst Mike McGlone says bitcoin [is] more likely to hit $60k than $20k based on historical price patterns,â Balchunas tweeted on Friday. â[McGlone] also says Chinaâs rejection of open-source software crypto assets may mark [a] plateau in [the] countryâs economic ascent,â Balchunas added. A few individuals responded to McGloneâs take and one person said:
Thatâs a hot take on China. Rejecting things like this typically shows a fear that something is better than your own currency. Every Country that rejects Bitcoin is SCREAMING the same thing.
Balchunas replied to the comment and said it reminded him of some old jokes. âReminds me of the Chuck Norris jokes for some reason. China doesnât reject bitcoin, bitcoin rejects China,â Balchunas said.
McGlone: âBitcoin Market Akin to the 2018-2019 Consolidation Periodâ
As far as McGloneâs bitcoin (BTC) price forecast is concerned, the ETF analystâs screenshot of McGloneâs outlook said:
Bitcoin is more likely to revert toward $60,000 resistance vs. $20,000 support, if its history of recovering from similar too-cold conditions are any guide. Our graphic depicts the benchmark crypto akin to the 2018-2019 consolidation period of around $4,000, just before launching to the 2019 peak at about $14,000. The more tactical-trading-oriented bears seem to proliferate when Bitcoin sustains at about 30% threshold below its 20-week moving average, allowing the buy-and-hold types time to accumulate.
Besides China, regulators have been cracking down on cryptocurrency operations worldwide. Government officials in Europe want to ban anonymous transactions and the European Commission has proposed legislation to âensure full traceability of crypto-asset transfers.â
Hey #China? Good Luck With That One â #Bitcoin, #Dollar Dominance:
China's rejection of open-source software crypto-assets may mark a plateau in the country's economic ascent, we believe, while extolling the value of the U.S. dollar and Bitcoin. pic.twitter.com/gI3rNjC9X7â Mike McGlone (@mikemcglone11) July 23, 2021
In addition to the regulatory climate, global markets, in general, are a touch shaken by the narrative surrounding the Covid Delta variant. While lots of people responding to Balchunasâ Twitter thread agreed with McGlone, one individual said he only agreed with one specific part of the statement where he said bitcoin is more likely to hit $60K than $20K.
This isnât the first time McGlone has made such predictions concerning bitcoinâs future price. Last month, the senior commodity strategist said â$40,000 appears more likely than $20,000â and the latest $60K call is a lot more optimistic.
What do you think about Mike McGloneâs bitcoin price outlook? Let us know what you think about this subject in the comments section below.
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