Bloomberg's Analyst: 'We Expect Bitcoin Price to Continue Appreciating'

News
Wed, 06/03/2020 - 15:28
Alex Dovbnya
Bloomberg Intelligence’s Mike McGlone calls Bitcoin ‘digital gold’ while predicting its price appreciation
Cover image via stock.adobe.com
Contents

In his new tweet, Bloomberg Intelligence’s commodity expert Mike McGlone says that Bitcoin is likely to continue appreciating.
 

image by @mikemcglone11

He also predicts that gold, unlike broader commodities, will be able to truly shine during the ongoing crisis by reaching a new all-time high.   

Related
Bollinger Bands Creator on Bitcoin Price: 'Time to Be Cautious or Short'

Bitcoin as the digital gold

McGlone notes that the leading cryptocurrency is undergoing maturation to reach the much-coveted status of ‘digital gold.’

The analyst says that ‘unprecedented central bank easing’ is currently serving as the main catalyst for this process. 

Bitcoin, whose supply is hard-capped at 21 mln coins, ‘accentuates’ the oversupply problem, according to McGlone. 

As reported by U.Today, the U.S. Federal Reserve announced unlimited QE in March to cushion the blow from the pandemic.  

Related
Trader Henrik Zeberg Suggests That Bitcoin Price Has Begun Its Monumental Crash to $1,760

Failing to sustain above $10,000

On May 21, McGlone forecasted that the BTC price could sustain above $10,000 due to improving fundamentals and growing institutional interest.   

The top cryptocurrency recently rallied back in the five-digit territory, but the sudden ten percent drop that took place on June 2 has ruined Bitcoin’s extremely bullish setup.

As reported by U.Today, trading veteran John Bollinger advised traders to short Bitcoin after the abovementioned ‘head fake’ move.  

Subscribe to U.Today on Twitter and get involved in all top daily crypto news, stories and price predictions!

About the author

Alex Dovbnya (aka AlexMorris) is a cryptocurrency expert, trader and journalist with extensive experience of covering everything related to the burgeoning industry — from price analysis to Blockchain disruption. Alex authored more than 1,000 stories for U.Today, CryptoComes and other fintech media outlets. He’s particularly interested in regulatory trends around the globe that are shaping the future of digital assets, can be contacted at alex.dovbnya@u.today.

This site uses cookies for different purposes. Please set your preferences in Cookie Settings and visit our Cookie policy for more information on how and why cookies are used on this site. Click here for cookie policy