Bitcoin is ‘caged bull’ ready to escape at $60K — Bloomberg Intelligence

by Gordon James

Bitcoin (BTC) is a bull in a cage, and the bottom of its current price is nowhere near $60,000, says Bloomberg Intelligence.

In a tweet on the 12th. Mike McGlone, senior commodities strategist at April, released his latest bullish assessment on bitcoin’s fate this month.

Analyst: 2021 Tame bull market

Bitcoin still has a long way to go before it reaches a cycle stop or plateau, according to McGlone, who has watched the supply of BTC decline in tandem with growing demand from new investors.

The supply of bitcoin is decreasing and demand is increasing, leading us to believe that prices will continue to rise and reach higher levels as the cryptocurrency matures, he noted.

BTC/USD with Bollinger Bands and 30-day moving average chart. Source: Mike McGlone/Twitter

The attached chart describes bitcoin as a bull in a cage, well equipped to escape. It included Bollinger Bands for Bitcoin, a popular tool for estimating upside and downside volatility.

Compared to the year that followed the previous two block grant halves in 2012 and 2016, 2021 is tame for McGlone in terms of course performance.

That view echoes those of other analysts, including the popular Twitter account Ecoinometrics, which reiterated Monday how modest bitcoin’s growth has been after halving in previous cycles.

McGlone is a well-known bitcoin fan who often expresses his enthusiasm for the growth of the cryptocurrency based on various macro and intra-chain metrics.

Galaxy switches toBitcoin ETF

At the time of writing, BTC/USD was hovering around $60,400 and briefly broke support below the $60,000 level, which has remained volatile in trading conditions.

Coinbase’s upcoming direct listing on Nasdaq has analysts excited, as have altcoins, ahead of its launch next Wednesday.

Exchange-traded coins, including the Binance coin (BNB), led the gains, while the largest altcoin Ether (ETH) also reached all-time highs.

The total market capitalization of cryptocurrencies for the day was $2.087 trillion.

Among the institutions, cryptocurrency trading bank Galaxy Digital has become the latest player to call for the launch of a bitcoin exchange-traded fund (ETF) in the US. Regulators have not yet approved any of the nine applications, but are expected to eventually do so after Canada’s victory over the United States in February.

Related Tags:

bitcoin price,bitcoin regulators,bitcoin chart,bitcoin news,bitcoin stock,will bitcoin be valuable in the future,Privacy settings,How Search works,bitcoin etf,wall street bitcoin etf

Related Posts