Popular with cryptocurrency investors, Bloomberg commodity market analyst Mike McGlone claims that the $20,000 Bitcoin (BTC) price range could be at the same level as $5,000 a few years ago. years under current market conditions.
Bitcoin at the same level as in 2018, according to McGlone
The analyst believes that the flagship cryptocurrency is now approaching historically “too cold” price levels, based on a series of moving averages.
– Bitcoin is worth 20,000 thousand. can be new 5 thousand. A fundamental case of early-stage global Bitcoin adoption and declining supply may prevail as prices approach generally cold levels. As for me, it makes sense that one of the most successful assets in history should crash one day. Mike McGlone commented.
$20,000 #Bitcoins Maybe the new $5,000 –
The fundamental case of the early days for the global adoption of Bitcoin vs. a decrease in supply may prevail when the price approaches levels that are usually too cold. It makes sense that one of the best performing assets in history goes down in 1H… pic.twitter.com/f5MImdhzgD
-Mike McGlone (@mikemcglone11) June 15, 2022
During the bear market in 2018, the 5k price zone. hole. it served as Bitcoin support for about a year. In 2020, the USD level also acted as a bearish level of defense, although BTC briefly crossed it on several occasions.
Even though market sentiment looks bad at the moment, McGlone describes Bitcoin’s decline as “typical” and points out that it is happening as the volatility of other traditional assets increases.
– Bitcoin matures amid growing stock, bond and commodity volatility – Bitcoin appears to be in the midst of a typical decline, especially against historically extreme increases in commodity and bond yields, quickly reversing the stocks and the most aggressive Fed in about 30 years – he added.
#Bitcoins Adult vs. Point #Store, #Obligation, #Commodity Volatility – Bitcoin seems to be in the middle of a typical drawdown, especially vs. historically extreme spikes in commodity prices and bond yields, a rapid comeback in equities, and the most aggressive Fed in about 30 years. pic.twitter.com/0nxjrEIWRM
-Mike McGlone (@mikemcglone11) June 17, 2022
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Bitcoin will explode with gold
The analyst previously took a bullish stance against long-term Bitcoin and predicted that BTC would explode along with gold and US bonds in the “big reversal.”
“I think what’s going to happen is a big reversal.” It’s just the beginning. It might be a sequel to 1929, but I think it will be 2008 or even the crash of 1987. It’s too late, and that applies to all risky assets, from Miami and Toronto homes to the stock market. . It’s just starting to happen.
Once we get through this period, I believe Bitcoin will become one of the best assets on the planet to own. This is my baseline scenario. I believe we are back to deflation, and the best way to deflation is to jump big and then flush them out. This is what we do. We are in the initial rinse phase – he commented.
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