Despite a sharp drop in May, Bitcoin (Bitcoin) The bull market appears to be intact. Mike McGlone, a senior commodity strategist at Bloomberg, said that a target price of US$100,000 is more likely than a retreat to US$20,000.
Is it US$20,000 or US$100,000 in 2021?
The June 2021 edition of the Bloomberg Galaxy Encryption Index report described Bitcoin as “more powerful, more environmentally friendly, and less scalable” compared to the peak of the April rally. For this reason, the flagship digital currency is more likely to reach the coveted six-figure mark this year, rather than fall back to the 2017 high.
McGlone cited excessive rebound, Chinese restrictions, and excessive focus on Bitcoin’s energy use as the main catalysts for the May revision, including Peak and valley retracement exceeds 50%.
“Bitcoin’s 2021 foundation is firm,” McGraw wrote, Added:
“By the end of 2020, the history of Bitcoin shows that cryptocurrencies will rise sharply in 2021, and we see an improvement in support for this.”
He continued:
“In 2020, compared with most major asset classes, 260-day volatility fell to the lowest level ever, especially the S&P 500 Index. Add to that last year’s supply reduction, migration to institutional portfolios, Ethereum futures, and The ETFs launched in Canada and Europe, and we believe that Bitcoin has a greater potential to move towards $100,000 than the potential to stay below $20,000.”
Analysts still disagree
Nevertheless, analysts are divided on the trajectory of BTC in the short to medium term.Several theorists predict that the 2017 highs will be retested, with at least one classic indicator The bottom of the forecast is about $16,000. Others, such as on-chain analyst Willy Woo, stated that the bottom of BTC may be due to Improve network foundation And higher adoption rates.
Veteran trader Peter Brandt owns Speculate The worst period of BTC price adjustment may not be over yet, but tell If his Twitter followers hold spot positions, bail is unwise:
Overall view of ownership Bitcoin The right size of money, you can afford to lose
The market broke through $64,7kf
The market is revised to 30,000 USD
The worst I can imagine is $21,0kWhy would anyone want to exit unlevered long positions when the market has already had 80% of the worst-case declines?
— Peter Brandt (@PeterLBrandt) June 2, 2021
Cycle theorist Bob Loukas believes that BTC prices are likely to bottom last month, but he warned that there will be an intermediate downward trend in the next 60 days. “The intermediate trend is now down,” Loukas Tweet On May 27, “but the long-term bull market trend provides balance.”
Nevertheless, he recognition The potential downside risk exposed the $20,000 handle and pointed to the difficulty of trading without a clear trend.
Still looking at the 60-day cycle #Bitcoin. It is difficult for most people to trade. Everyone with outrageous price predictions confirmed this. At present, it is mainly personal observation (transaction).
There is a downside risk of $20,000 (declining trend), so there are plans just in case.https://t.co/13vdALGfSX
-Bob Lucas (@BobLoukas) June 1, 2021
