McGlone, has been long on bitcoin for a while now and he said last month
that bitcoin has a “bullish ace up its sleeve.” This week the
strategist’s analysis notes that bitcoin prices will likely revert
toward the $60K handle in contrast to the $20K support range.
ETF Analyst: ‘China Doesn’t Reject Bitcoin, Bitcoin Rejects China’
On July 23, Bloomberg’s senior exchange-traded fund (ETF) analyst Eric Balchunas shared a screenshot of Mike McGlone’s
written statement concerning current bitcoin markets. After tapping a
high of $35,960 on July 4, the leading crypto asset tumbled to a low of
$29,300 per unit 19 days later. On July 24, bitcoin (BTC) managed to climb back toward the $34K region as there’s been a slight trend reversal during the last 48 hours.
“Our crypto analyst Mike McGlone says bitcoin [is] more likely to hit
$60k than $20k based on historical price patterns,” Balchunas tweeted
on Friday. “[McGlone] also says China’s rejection of open-source
software crypto assets may mark [a] plateau in [the] country’s economic
ascent,” Balchunas added. A few individuals responded to McGlone’s take
and one person said:
That’s a hot take on China. Rejecting things like this
typically shows a fear that something is better than your own currency.
Every Country that rejects Bitcoin is SCREAMING the same thing.
Balchunas replied
to the comment and said it reminded him of some old jokes. “Reminds me
of the Chuck Norris jokes for some reason. China doesn’t reject bitcoin,
bitcoin rejects China,” Balchunas said.
McGlone: ‘Bitcoin Market Akin to the 2018-2019 Consolidation Period’
As far as McGlone’s bitcoin (BTC) price forecast is concerned, the ETF analyst’s screenshot of McGlone’s outlook said:
Bitcoin is more likely to revert toward $60,000
resistance vs. $20,000 support, if its history of recovering from
similar too-cold conditions are any guide. Our graphic depicts the
benchmark crypto akin to the 2018-2019 consolidation period of around
$4,000, just before launching to the 2019 peak at about $14,000. The
more tactical-trading-oriented bears seem to proliferate when Bitcoin
sustains at about 30% threshold below its 20-week moving average,
allowing the buy-and-hold types time to accumulate.
Besides China, regulators have been cracking down on cryptocurrency operations worldwide. Government officials in Europe want to ban anonymous transactions and the European Commission has proposed legislation to “ensure full traceability of crypto-asset transfers.”
In addition to the regulatory climate, global markets, in general, are a touch shaken
by the narrative surrounding the Covid Delta variant. While lots of
people responding to Balchunas’ Twitter thread agreed with McGlone, one
individual said he only agreed with one specific part of the statement
where he said bitcoin is more likely to hit $60K than $20K.
This isn’t the first time McGlone has made such predictions concerning bitcoin‘s future price. Last month, the senior commodity strategist said “$40,000 appears more likely than $20,000” and the latest $60K call is a lot more optimistic.
source link: https://news.bitcoin.com/strategist-mike-mcglone-believes-bitcoin-can-jump-to-60k-resistance-vs-20k-support/
