Senior commodities expert says that $20,000 might be the next Bitcoin bottom
Due to Bitcoin’s decline of over 50 percent from its previous all-time high, a portion of the cryptocurrency market is closely watching the commodity for the next price movement in light of the increased volatility. Nevertheless, some market experts remark that the present decline is a component of the asset’s upward trajectory.
Notably, Bloomberg Intelligence senior commodities analyst Mike McGlone tweeted on June 15 that the current price of about $20,000 should be seen as the new $5,000.
According to McGlone, the fall is typical given that Bitcoin continues to see popularity despite a diminishing supply.
“$20,000 Bitcoin might replace $5,000. As the price hits levels that are normally too cold, the underlying scenario of the early days of global Bitcoin adoption vs dwindling supply may triumph. It seems logical that one of the best-performing assets in history will drop in the first half of the year,” he remarked.
Bitcoin may surpass all assets
In the past, McGlone has maintained an optimistic stance on Bitcoin, predicting that the currency will rebound and become a key investment product. As reported by Finbold, the expert predicted that cryptocurrencies would beat other assets if the market recovers its prices.
McGlone has maintained that Bitcoin’s price would reach $100,000 by 2025 while stressing that the current dip was long overdue owing to reasons such as increasing inflation.
Despite an optimistic perspective, several industry professionals remain pessimistic about the cryptocurrency business. For instance, economist Peter Schiff feels that the recent Bitcoin price decline indicates a long-overdue bubble explosion. He anticipated a sustained outflow of funds from the overall market.
As of press time, Bitcoin was trading at $21,200, striving to maintain its value over $20,000. The first cryptocurrency has led the market in wiping away over 360 billion dollars in less than a week due to persistent uncertainty.