McGlone wrote that bitcoin is turning the $40,000 mark into support and that this year is “prime for Bitocin to take the next step in its price-discovery stage”.
McGlone wrote in the latest edition of the Bloomberg Galaxy Crypto Index (BGCI) report that bitcoin is reclaiming the $40,000 level as support and that this year is “prime for Bitocin to take the next step in its price discovery stage” in a “refreshed bull market.” he added,
Bitcoin appears to have built a base around $30,000 that’s akin to $4,000 at the start of 2019, and we see performance parallels that could get the benchmark crypto back on track toward $100,000.
According to the analyst, Bitcoin’s extended period below its 20-week moving average indicates that “weak longs have been cleansed within an enduring bull market,” and that “what’s changed in about three years is sufficient to sustain more of the same for the majority of Bitcoin’s history — rising prices.” Bitcoin’s price could rise, he explained because while supply is declining, demand and adoption “are increasing in most countries.” McGlone added that there are broader bullish underpinnings in the cryptocurrency market, stating
“Bitcoin is becoming digital gold in a world going that way, while Ethereum is the go-to platform for the digitalization of money and finance.”
He added that the US dollar’s presence in the cryptocurrency market is growing through stablecoins, and that currencies from countries hostile to the United States are gaining traction through stablecoins.
McGlone, who has long been bullish on bitcoin, correctly predicted the cryptocurrency’s price would surpass the $20,000 mark in November 2020. The analyst made the $100,000 price prediction earlier this year and has maintained it even as Bitcoin’s price has fallen more than 50% from its all-time high.
Wallets