Bloomberg's chief commodity strategist, Mike McGlone, has taken to Twitter to share his take that Bitcoin seems more likely to regain $40,000 rather than extend its decline to the $20,000 level.
Bitcoin is visiting "enduring bull-market bottoms"
McGlone has tweeted that the plunge of Bitcoin that happened on Tuesday, June 8, plus the revisit of the support in the lower-end range near the $30,000 level, has shown numerous signs of extremely bearish sentiment.
However, this sentiment is typical as Bitcoin is revisiting the bottom of an enduring bull market.
Thus, he expects the flagship digital currency is more likely to break back above the $40,000 line and not drop to $20,000.
Current BTC drop is similar to 2020 bottom
On the chart attached to the tweet, McGlone shows that the current Bitcoin price drop is similar to the bottom the crypto market hit back in March 2020.
Back then, on Black Thursday, BTC lost around 50 percent in merely 24 hours. However, after that the bull market gradually began, ultimately taking Bitcoin to the $65,000 all-time high in April of this year.
As reported by U.Today earlier, Mike McGlone had voiced his take that Bitcoin is on track to hit the $100,000 mark—if it follows the increase pattern of Ethereum.