The cryptocurrency market is never quiet. When things seem quiet, there is always something going on. After a couple of quite days in the aftermath of the halving, Bloomberg senior commodity strategist Mike McGlone released yet another report where he takes a very bullish stand on where the Bitcoin price is going. McGlone predicts the price to go up and to double before the year ends.
Looking at the current Bitcoin price, we can see a consolidation just below $10,000. Look at our previous piece on how the Bitcoin price us floating between $8,800 and about $10,500 where a stronger barrier exists.
The McGlone report is titled “Something Needs To Go Very Wrong For Bitcoin Not To Appreciate.” As a Wall Street Bitcoin bull, McGlone released his 7-page document showing exactly why the Bitcoin price should rocket up. It has later been released on Bloomberg. We advise everybody with an interest in Bitcoin and Bitcoin trading to read the document. If can be found on this link.
The document looks at historical movement and has some really nice graphs to show his points. The analyses is broad based, which is obvious taking into account the sub-heading “History indicates BTC toward USD 20,000 in 2020.” McGlone looks at technical and fundamental factors in another section with the titled, “A Consolidating Bitcoin Bull.” This section looks at gold and how BTC can be a better choice than gold in the bigger picture. McGlone relates this argument to the Carter-era gold price movement and points to technical support in the range of USD 9,000. He cites some market microstructure improvements in a section, “On-Exchange Absorbing Supply.” It is a great read if you want to learn a bit more about how analysts think when it comes to Bitcoin.
The report issued by the famous McGlone is an impressive piece of work. He really digs into the material and understands very well the basics and the fundamentals of Bitcoin specifically and cryptocurrency generally. If you are interested in reading more about Bitcoin, there are many places to read. We recommend starting right here. That said, Bloomberg has generally been inclusive towards crypto in the last years. Many people do not have access to the Bloomberg terminals, but many pieces get releases on their web page quickly or after some time. The company has also launched webpages dedicated to crypto which are often the gateway for mainstream access to stories in the space. So, do not discard Bloomberg as a provider of some interesting news. We, however, keep our finger on the pulse. If something comes up, we will report it here.