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Bloomberg senior commodity strategist Mike McGlone said that despite the sharp drop in May, the Bitcoin (BTC) bull market appears to be intact, and the price target of US$100,000 is more likely to fall back to US$20,000.
The June edition of the Bloomberg Galaxy Encryption Index report described Bitcoin as "stronger, greener and shorter" compared to the peak period of the April rally. For this reason, the flagship digital currency is more likely to reach the coveted six-figure mark this year than to fall back to the 2017 high.
McGlone cited excessive rebound, China's restrictions, and excessive focus on Bitcoin's energy use as the main catalysts for the May revision, which included a retreat of more than 50% from peaks and valleys. “
Bitcoin’s 2021 foundation is firm,” McGraw wrote, adding: “By the end of 2020, the history of Bitcoin shows that cryptocurrency will rise sharply in 2021. We see support for this. Improved."
He continued: "In 2020, compared with most major asset classes, 260-day volatility will fall to the lowest level ever, especially the S&P 500 Index. Coupled with last year’s supply reduction, migration to institutional portfolios, and ether Futures and ETFs launched in Canada and Europe, and we believe that Bitcoin has a greater potential to move toward $100,000 than it has the potential to stay below $20,000."
Nevertheless, analysts are divided on the trajectory of BTC in the short to medium term. Several theorists predict that it will retest its 2017 highs, and at least one classic indicator predicts a bottom of about $16,000. Others, such as on-chain analyst WillyWoo, said that due to the improvement of network fundamentals and higher adoption rates, the bottom of BTC may bottom out.
Veteran trader Peter Brandt speculated that the worst period of BTC price adjustment may not be over, but he told his Twitter fans that bail is unwise if they hold a spot position.
Cycle theorist Bob Loukas believes that the price of BTC is likely to bottom last month, but he did warn that there will be an intermediate downward trend in the next 60 days. "The intermediate trend is now down," Lucas tweeted on May 27. "But the long-term bull market trend provides a balance."
Nevertheless, he acknowledged that the potential downside risk would expose the $20,000 handle, and pointed out that it is difficult to trade without a clear trend.