Chief commodity strategist of Bloomberg, Mike McGlone, has taken to Twitter to share his conclusions as to when the Bitcoin bull market is likely to come back and the world’s flagship cryptocurrency to resume its movement towards $100,000.
“Bitcoin to resume rising, oil to show bearish reverse in 2H 2021”
McGlone has shared a chart that shows a trajectory of a futures contract based on Bitcoin against Brent crude oil and a chart of Bitcoin volatility against that of crude oil.
The economist believes that in the second half of this year, Bitcoin will emerge with a bull market and will resume moving towards the $100,000 price level.
Crude oil, McGlone expects, is likely to begin declining towards $50 from the current price of $72.10 per barrel.
This reverses will be based on “profound macroeconomic implications”, the expert tweeted.
He also pointed out that the main advantages of Bitcoin that are likely to ensure its further growth are advancing technology and deflation that is programmed in BTC.
What Gets #Bitcoin Near $100K, #CrudeOil $50 - Enduring Trends: Bitcoin is poised to resume its bull-market and crude oil its bear trend in 2H, with profound macroeconomic implications, in our view. The benchmark digital asset represents rapidly advancing technology and deflation pic.twitter.com/ny8LMq80Yx— Mike McGlone (@mikemcglone11) July 8, 2021
314,000 addresses buy 241,000 Bitcoins
At the time of writing, the major cryptocurrency is changing hands at $32,571, having slipped from the $34,800 level on Wednesday.
As reported by the IntoTheBlock analytics company in their recent tweet, BTC now has a hard resistance level ahead and the last key support level that can help it remain above $30,000.
The tweet also says that investors have been buying the dip actively – while Bitcoin was trading between $30,000 and $31,100 in late June, more than 314 investors acquired 241,000 Bitcoins.
#Bitcoin fell below the $33,000 crucial level of support.— IntoTheBlock (@intotheblock) July 8, 2021
The IOMAP indicator reveals stiff resistance ahead and one last key level of support that could prevent $BTC from falling below $30,000.
Between $30,5k and $31.1k, over 314 thousand addresses previously bought 241k BTC. pic.twitter.com/niqJx8RR7J