Bitcoin At $20K Could Be ‘New Bottom,’ Commodity Expert Suggests, And Here’s Why
June 16 2022 - 3:06AM
NEWSBTC
Bitcoin has been increasingly in a shaky state and has dropped by
as much as 50% compared to its previous all-time high. All eyes are
on the crypto alpha dog, watching its next price movements.
On the other hand, many market analysts believe that the drop in
BTC trading value is a jumping board towards massive growth.
As a matter of fact, Mike McGlone, Bloomberg Intelligence Senior
Commodity Strategist, on his recent tweet, said that the crypto’s
plunge is normal as the coin is still trying to get the hang of it
as it faces a massive test. Suggested Reading | ‘Original Bitcoin’
Makes Surprise 24% Climb As Crypto Markets See Red Bitcoin Decline
– An Unnecessary Evil? McGlone posted via Twitter saying: “$20,000
Bitcoin may be the new $5,000. The fundamental case of early days
for the crypto’s adoption vs. diminishing supply may prevail as the
price approaches too-cold levels. It makes sense that one of the
best-performing assets in history would drop in 1H.” McGlone has
always been extremely bullish about BTC believing that the king of
cryptocurrency will regain its dominion and power as the most
important crypto investment. In fact, the senior commodity
strategist believes that once the market has stabilized, Bitcoin is
set to outperform all other crypto assets. Bloomberg Intelligence
Senior Commodity Strategist Mike McGlone. Image: Elevenews.
Further, the finance experts states that BTC can’t be classified as
an asset but rather a collectible. McGlone firmly stands by his own
price projection that Bitcoin will reach $100,000 by 2025 and its
current dip or correction is attributed to the worsening
inflation. The majority of crypto fund managers surveyed by
financial services firm PWC believe that the price of bitcoin will
be between $75,000 and $100,000 by the end of the year. The data in
the report comes from a survey of 77 crypto hedge fund managers
conducted in April, PWC said, adding that their total assets under
management for last year amounted to $4 billion. While
McGlone has maintained his bullish stance, other crypto market
strategists like Peter Schiff believes otherwise. Schiff sees
Bitcoin’s decline as it is and says that it’s the long-anticipated
bubble burst that is bound to make the market bleed. BTC total
market cap at $415 billion on the daily chart | Source:
TradingView.com BTC Trying To Stay Above $20K Critical Line
Currently, BTC trades at $21,200 and trying to stay above and
thriving beyond $20,000. The frontrunner in crypto has also led all
other cryptocurrencies in shaving off as much as $360 billion in
just one week. Bitcoin’s price seems to do a free-fall
trajectory as it nears the critical $20K level. BTC is said to be
technically oversold as it has recently breached the $30K support
level and going down with increased momentum and two things are
bound to happen: either Bitcoin pulls back and goes for a bullish
run — or head further down or what analysts refer to as the “bottom
accumulation phase.” Suggested Reading | Ethereum Drops Below
$950 On Uniswap Overnight – Here’s Why Featured image from The
Naked Scientists, chart from TradingView.com
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