Bitcoin (Bitcoin) Is “more likely” to reach $40,000 than $20,000, Bloomberg believes, because the largest cryptocurrency is up 6% a day.
“Persistent Bull Market Bottom” in McGlong’s Eyes
In a tweet on Wednesday, Mike McGlone, a senior commodity strategist at Bloomberg Intelligence, believes that Bitcoin will return to $40,000 faster than the all-time high of $20,000 in 2017.
“Bitcoin surrenders? $40,000 seems more likely than $20,000,” he wrote.
“Bitcoin’s plunge on June 8 and its return to the low-end support level of around $30,000 have many characteristics of extreme bearish sentiment, which is typical of a longer-lasting bull market bottom.”
McGonlong emphasized that Bitcoin has reached its 20-week moving average because it provided a bottom signal similar to that in March 2020—the height of the market crash caused by the coronavirus.
Moving averages continue to play a role Important section Worried about where the BTC price will go next.
Bitcoin is no longer a “speculative cryptocurrency”
Due to news that El Salvador will become the first country in history to implement Bitcoin, Bitcoin has been rising legal tender.
This move is a major contrast to the trigger points of a large number of “bad news” from various sources in recent days and weeks, including former US President Donald Trump. Make a call This is a “scam”.
As Cointelegraph Report, Many market participants still tend to return to bearish price action, such as further retesting $30,000 or even lower.
The 0.5fib level from the most recent decline is crucial imo.
The current rebound may be corrected to the 0.5fib level and then fall again.
If ABC becomes 1-5, it will open the door to further rise to 42,000 USD pic.twitter.com/VweyziWnwy
— Crypto_Ed_NL (@Crypto_Ed_NL) June 9, 2021
For Magron, however, the Salvadorian statement that first surfaced at the Miami meeting last week marked a clear turning point.
“Woodstock-like Bitcoin 2021 Miami supports mainstream adoption views: The Bitcoin 2021 conference from June 3 to 5 further confirmed our view that Bitcoin has transformed into a global digital reserve asset and is no longer speculative. Cryptocurrency,” he Tweet Tuesday.
At the time of writing, BTC/USD is still hovering around 35,000 USD, but so far it has not turned that level into a reliable support.