Fun

Strategist Mike McGlone Believes Bitcoin Can Jump to $60K Resistance vs. $20K Support

News Feed - 2021-07-25 02:07:34

Strategist Mike McGlone Believes Bitcoin Can Jump to $60K Resistance vs. $20K Support


The senior commodity strategist at Bloomberg Intelligence, Mike McGlone, has been long on bitcoin for a while now and he said last month that bitcoin has a “bullish ace up its sleeve.” This week the strategist’s analysis notes that bitcoin prices will likely revert toward the $60K handle in contrast to the $20K support range. ETF Analyst: ‘China Doesn’t Reject Bitcoin, Bitcoin Rejects China’


On July 23, Bloomberg’s senior exchange-traded fund (ETF) analyst Eric Balchunas shared a screenshot of Mike McGlone’s written statement concerning current bitcoin markets. After tapping a high of $35,960 on July 4, the leading crypto asset tumbled to a low of $29,300 per unit 19 days later. On July 24, bitcoin (BTC) managed to climb back toward the $34K region as there’s been a slight trend reversal during the last 48 hours.


“Our crypto analyst Mike McGlone says bitcoin [is] more likely to hit $60k than $20k based on historical price patterns,” Balchunas tweeted on Friday. “[McGlone] also says China’s rejection of open-source software crypto assets may mark [a] plateau in [the] country’s economic ascent,” Balchunas added. A few individuals responded to McGlone’s take and one person said: That’s a hot take on China. Rejecting things like this typically shows a fear that something is better than your own currency. Every Country that rejects Bitcoin is SCREAMING the same thing.


Balchunas replied to the comment and said it reminded him of some old jokes. “Reminds me of the Chuck Norris jokes for some reason. China doesn’t reject bitcoin, bitcoin rejects China,” Balchunas said. McGlone: ‘Bitcoin Market Akin to the 2018-2019 Consolidation Period’


As far as McGlone’s bitcoin (BTC) price forecast is concerned, the ETF analyst’s screenshot of McGlone’s outlook said: Bitcoin is more likely to revert toward $60,000 resistance vs. $20,000 support, if its history of recovering from similar too-cold conditions are any guide. Our graphic depicts the benchmark crypto akin to the 2018-2019 consolidation period of around $4,000, just before launching to the 2019 peak at about $14,000. The more tactical-trading-oriented bears seem to proliferate when Bitcoin sustains at about 30% threshold below its 20-week moving average, allowing the buy-and-hold types time to accumulate.


Besides China, regulators have been cracking down on cryptocurrency operations worldwide. Government officials in Europe want to ban anonymous transactions and the European Commission has proposed legislation to “ensure full traceability of crypto-asset transfers.” 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



In addition to the regulatory climate, global markets, in general, are a touch shaken by the narrative surrounding the Covid Delta variant. While lots of people responding to Balchunas’ Twitter thread agreed with McGlone, one individual said he only agreed with one specific part of the statement where he said bitcoin is more likely to hit $60K than $20K.


This isn’t the first time McGlone has made such predictions concerning bitcoin‘s future price. Last month, the senior commodity strategist said “$40,000 appears more likely than $20,000” and the latest $60K call is a lot more optimistic.


What do you think about Mike McGlone’s bitcoin price outlook? Let us know what you think about this subject in the comments section below. Ethereum Gaming Token Axie Infinity Taps Another All-Time Price High MARKETS AND PRICES | 2 days ago Bitcoin"s Value Dropped 8% This Week, Analyst Says Equities Correction Could Impact Crypto MARKETS AND PRICES | 6 days ago Tags in this story Bearish, Bitcoin, Bitcoin (BTC), Bloomberg Analyst, BTC, Bull Market, Bullish, Charts, China, Cryptocurrency, delta-variant, Economy, Eric Balchunas, european commission, Finance, market, Markets, Mike McGlone, Prices, resistance, strategist, support


Image Credits: Shutterstock, Pixabay, Wiki Commons Disclaimer: This article is for informational purposes only. It is not a direct offer or solicitation of an offer to buy or sell, or a recommendation or endorsement of any products, services, or companies. Bitcoin.com does not provide investment, tax, legal, or accounting advice. Neither the company nor the author is responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods or services mentioned in this article. Read disclaimerShow comments

News Feed

Ethereum Price Completes Structure Break As Buyers Take Control, Why A Surge Above $4,400 Is Possible
Reason to trust Strict editorial policy that focuses on accuracy, relevance, and impartiality Created by industry experts and meticulously reviewed The highest standards in reporting and pu
Crypto Ads in Belgium to Feature ‘Punchy Warning’ of Risks, New Rules Imply
Crypto Ads in Belgium to Feature ‘Punchy Warning’ of Risks, New Rules Imply The financial regulatory body of Belgium has been tasked by the government to regulate advertisement
Turner Wright6 hours agoVitalik Buterin calls X’s Community Notes an example of ‘crypto values’The Ethereum co-founder said the algorithm behind X’s tool to rate content as helpful and provide context was “surp
Asia, Africa see rise in share of crypto startups this year, says accelerator
Brayden Lindrea5 hours agoAsia, Africa see rise in share of crypto startups this year, says acceleratorResearchers compiling the data believe the changes were due to regulatory uncertainties in the US and increased crypt
Bitcoin price tracks $68K as ‘chicken’ crypto market shrugs off US PPI
William Suberg10 hours agoBitcoin price tracks $68K as ‘chicken’ crypto market shrugs off US PPIBitcoin and altcoins are unmoved by a significant inflation slowdown shown in the latest U.S. macro data.3316 Total view
Tom Blackstone9 hours agoHuobi Global hacked for $7.9M: ReportHTX crypto exchange has been hacked, but it claims to know the identity of the attacker.4061 Total views19 Total sharesListen to article 0:00Breaking newsJoin
Economist Peter Schiff Warns of Financial Crisis and ‘Much More Severe Recession’ Than the Fed Recognizes
Economist Peter Schiff Warns of Financial Crisis and "Much More Severe Recession" Than the Fed Recognizes Economist and gold bug Peter Schiff has warned of a financial crisis and a
Prediction: Bitcoin to Rival Gold as a Store of Value in the Digital Age Thanks to Halving
Prediction: Bitcoin to Rival Gold as a Store of Value in the Digital Age Thanks to Halving The total market capitalization of gold is estimated to be above $7 trillion, which is
EverRise Director Jenn Duong on Developing Secure dApps and the Issues Facing the DeFi Space
EverRise Director Jenn Duong on Developing Secure dApps and the Issues Facing the DeFi Space EverRise is a blockchain technology company that offers bridging and security solutions
US Senator Says Crypto Needs ‘More Aggressive Enforcement’ — ‘I’m Going to Keep Pushing SEC to Enforce the Law’
US Senator Says Crypto Needs "More Aggressive Enforcement" — "I"m Going to Keep Pushing SEC to Enforce the Law" U.S. Senator Elizabeth Warren says the implosion of crypto exchang
Japan Leverages 80 Tons of Gold to Help Fund Part of Its Stimulus Package
Japan Leverages 80 Tons of Gold to Help Fund Part of Its Stimulus Package Japan’s finance ministry has reportedly leveraged 80 tons of gold to help fund pa
Analyst Confirms Ethereum Golden Cross As ETH Surges Past $4,000 – Is Altseason In Sight?
Este artículo también está disponible en español. Ethereum (ETH) surged past $4,000 earlier today for the first time since March 2024. Having surpassed a key price level