Bloomberg’s leading expert on stuffs believes that BTC is probably get back to $40,000 then fall to its $20,000 low. Mike McGlone is Bloomberg’s chief commodity strategist . He shared his opinion on Twitter that Bitcoin appears probably to recapture $40,000 rather than to fall the $20,000 level. Bitcoin bull market can go back up if it follows the increase pattern of Ethereum. This fall is like the bottom the crypto market experienced in 2020.
Bitcoin is facing “enduring bull-market bottoms”
McGlone tweeted about the plunge of Bitcoin that took place on Tuesday, June 8. In addition to this, the review of the back up in the lower-end range near the $30,000 level. It shows numerous signs of highly bearish scene.
But, this scene is typical as Bitcoin is reviewing the low level of an enduring bull market.
In addition to this, he anticipates the flagship digital currency is more possible to break back above the $40,000 line and not fall to $20,000.
In chart attached to his tweet, McGlone points that the current Bitcoin price fall is look like to the bottom the crypto market experienced in March 2020.
In that time, on Black Thursday, BTC lost around 50% in just 24 hours. Imagine half of the price! But, after that the bull market slowly started some actions. It finally took Bitcoin to the $65,000 all-time high in April of this year.
Mike McGlone mentioned that Bitcoin is on track to hit the $100,000 mark. But, there is an if, if it follows the increase pattern of Ethereum.