Bloomberg Intelligence analyst Mike McGlone sees “a refreshed bull market” for bitcoin. Comparing the performance of the cryptocurrency to the start of 2019, he explained, “we see performance parallels that could get the benchmark crypto back on track toward $100,000.”
Bitcoin Back on Track Toward $100,000
Bloomberg Intelligence published analyst Mike McGlone’s August cryptocurrency outlook with a price prediction for bitcoin Wednesday.
McGlone described that bitcoin is set to turn $40,000 into support, stating that “This year is prime for bitcoin to take the next step in its price-discovery stage and we see a refreshed bull market.” He further explained:
Bitcoin appears to have built a base around $30,000 that’s akin to $4,000 at the start of 2019, and we see performance parallels that could get the benchmark crypto back on track toward $100,000.
“The longest period below its 20-week moving average since 2018-19 indicates weak longs have been cleansed within an enduring bull market,” the analyst added. “What’s changed in about three years is sufficient