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.
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.