Bloomberg Intelligence’s senior commodity strategist Mike McGlone says Bitcoin is more likely to return to the $60,000 level than to fall to $20,000.
Our crypto analyst @mikemcglone11 says Bitcoin more likely to hit $60k than $20k based on historical price patterns, also says China’s rejection of open-source software crypto assets may mark plateau in country’s economic ascent 🔥🔥 pic.twitter.com/uVIp7uErxV
— Eric Balchunas (@EricBalchunas) July 23, 2021
“Our crypto analyst Mike McGlone said that Bitcoin is more likely to reach $60,000 than $20,000, based on historical price patterns. He also said that China’s rejection of open-source software crypto assets may mark the beginning of a plateau in the country’s economic ascent”, wrote Bloomberg ETF senior analyst Eric Balchunas.
McGlone said the market setup resembles the 2018-2019 consolidation period when Bitcoin traded near $4,000 before rising to $14,000. He stressed that bearish sentiment prevails when the price sits about 30% below the 20-week moving average.
On Sunday, July 25, Bitcoin cleared the $34,400 level. In the past 24 hours the asset rose almost 2%, over the week — 9%, according to CoinGecko. At the time of writing, the digital gold was trading at $34,460.
One of Balchunas’ followers wrote that crackdown on innovative financial technologies signals concerns in China about the stability of the yuan.
Reminds me of the Chuck Norris jokes for some reason. China doesn’t reject bitcoin, bitcoin rejects China!
— Eric Balchunas (@EricBalchunas) July 23, 2021
“For some reason this reminded me of Chuck Norris jokes. China doesn’t reject Bitcoin, Bitcoin rejects China,” the analyst replied.
McGlone later noted the dominance of the U.S. dollar in digital-asset trading and said that the actions of Chinese authorities ‘increase the value’ of Bitcoin and the U.S. dollar.
Hey #China? Good Luck With That One — #Bitcoin, #Dollar Dominance:
China’s rejection of open-source software crypto-assets may mark a plateau in the country’s economic ascent, we believe, while extolling the value of the U.S. dollar and Bitcoin. pic.twitter.com/gI3rNjC9X7— Mike McGlone (@mikemcglone11) July 23, 2021
Concerns about the consequences of cryptocurrency-mining bans are also voiced by some experts from the PRC. As Colin Wu reports, former Bank of China president Li Lihui said that China could ‘lose competitiveness in the era of decentralized finance’.
The Bank of China is a commercial bank and not the Central Bank of China. https://t.co/19PMRS9iTL
— Wu Blockchain (@WuBlockchain) July 25, 2021
On 20 July, the price of Bitcoin fell below $30 000. However, after The B World conference featuring Elon Musk, Cathie Wood and Jack Dorsey, quotes began to rise.
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