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.