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Thursday, September 23, 2021

Bitcoin Has Higher Chances To Recover To $60K Instead Of $20K!

The senior strategist of Bloomberg has now asserted that Bitcoin has a higher chance of recovering to $60K instead of $20K. The senior analyst has also asserted that the latest ban on crypto in China is a bullish sign for Bitcoin. 

Signs Appear To Be Bullish For Bitcoin!

It is also a bullish sign for the American dollar, says the senior analyst of Bloomberg. Mike McGlone, commodity strategist, Bloomberg Intelligence has stated that BTC can recover back to $60K. He also added that the cryptocurrency has higher chances to recover to $60K instead of targeting $20K. The analyst asserted that the coin shouldn’t go below the present $30,000 support level to target $20K. It is according to a screenshot of the latest analytics of McGlone on Bitcoin.

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The screenshot was shared first by Eric Balchunas, senior analyst of ETF, Bloomberg. The screenshot shows McGlone comparing the ongoing price of the cryptocurrency with the trading session of 2018-2019. In detail, the exchange rate of BTC/USD neared around $4,000 after the crash of 80 percent in 2018. However, an abrupt run-up during 2019, helped to take the price of Bitcoin to $14,000 on a few exchanges. 

McGlone, famous for his bullish calls regarding the cryptocurrency previously noted that the cryptocurrency ended up consolidating around $30,000 along with a few extras since May. He has forecasted that it is well within the ability of Bitcoin, the world’s largest cryptocurrency to hit near $60K. The bullish and bearish cycles of the cryptocurrency revolve around 3 key average indicators: the EMA of 20 weeks, also known as the green wave, the moving average for 50 wells also known as the blue wave, and the moving average for 200 weeks. 

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