Mike McGlone is a well-known commodity strategist who has been associated with Bloomberg for many years. McGlone recently expressed his expert opinion on the direction of the Bitcoin market. According to him, Bitcoin has a better chance of resetting at $60K rather than reverting to dark days. He was referring to the probable price movement for the flagship cryptocurrency in the near term.
McGlone was speaking with Eric Balchunas, who is a senior ETF analyst at Bloomberg. The section was also published by Balchunas. McGlone has recently published a report where he compared the current bull run with 2018. McGlone believes that the $4K evaluation for 2018 is quite similar to ascend above the $30K in the current year.
Impact of China’s Mining Ban on Crypto Growth
As per McGlone, the current crackdown of China on cryptocurrencies is a great growth opportunity for both USD and Bitcoin. He claimed in a recent tweet that the exodus of open-sourced financial software in China could be the start of a massive economic decline. He further added that the recent impact would create a better development environment for the top crypto coin.
McGlone also claimed that Bitcoin is in a state of maturing and generating more long-term support. The notion that Bitcoin’s ascending days are over is not a very plausible definition for the firstborn cryptocurrency. As per Daily Hodl, if Bitcoin keeps moving above $30K, it could be a direct result of new accumulation. The service also claimed that Bitcoin volatility would keep declining.
McGlone shed light on many aspects of cryptocurrency progress that directly result from the crypto mining ban in China. He pointed out that stablecoins like USDC, USDT, and BUSD stand to increase accumulation and trading during the expected Bitcoin surge. McGlone believes that both Gold and Bitcoin markets will undergo a refreshed bull run. It is worth noting that he was among the crypto analysts who were able to predict the new ATH records for Bitcoin correctly. For now, McGlone is hoping for a $100,000 BTC price point before the end of the current year. He pointed out in a tweet that the major retracement cause for Bitcoin was excessive energy and carbon footprint. He uses the same numbers for gauging the volume of the decentralized finance industry.