{"id":12866,"date":"2022-06-19T17:40:03","date_gmt":"2022-06-19T17:40:03","guid":{"rendered":"https:\/\/crowdfundjunction.com\/blog\/mike-mcglone-explains-why-a-20000-bitcoin-could-be-the-new-5000\/"},"modified":"2022-06-19T17:40:03","modified_gmt":"2022-06-19T17:40:03","slug":"mike-mcglone-explains-why-a-20000-bitcoin-could-be-the-new-5000","status":"publish","type":"post","link":"https:\/\/crowdfundjunction.com\/blog\/mike-mcglone-explains-why-a-20000-bitcoin-could-be-the-new-5000\/","title":{"rendered":"Mike McGlone Explains Why A $20,000 Bitcoin Could Be the New $5,000"},"content":{"rendered":"

(Originally posted on : Crypto News – iGaming.org )<\/b>
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Bloomberg\u2019s senior commodity analyst, Mike McGlone, is putting his bets on Bitcoin<\/a>\u2019s $20,000 range to act as the new price floor, similar to what $5,000 has represented in the past.<\/p>\n

According to the analyst<\/a>, based on a series of moving averages, the flagship cryptocurrency is coming close historically \u201ctoo-cold\u201d<\/strong> price levels, based on a series of moving averages. He said:<\/p>\n

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\u201c$20,000 Bitcoin may be the new $5,000 \u2013 The fundamental case of early days for global Bitcoin adoption vs. diminishing supply may prevail as the price approaches typically too-cold levels. It makes sense that one of the best-performing assets in history would decline in [the first half of 2022].\u201d<\/p>\n<\/blockquote>\n

During the previous crypto cycle, the $5,000 price mark served as a consistent support level for Bitcoin for a year\u2019s time.<\/p>\n

Although market sentiment is currently shattered<\/a>, McGlone describes Bitcoin\u2019s crash as \u201ctypical,\u201d and explain the context in which this has taken place, alongside rising volatility in other traditional asset classes.<\/p>\n

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\u201cBitcoin Adulting vs. Spiking Stock, Bond, Commodity Volatility \u2013 Bitcoin appears to be in the midst of a typical drawdown, notably vs. historically extreme spikes in commodity prices and bond yields, rapidly reverting equities and the most aggressive Fed in about 30 years.\u201d<\/p>\n<\/blockquote>\n

The Bloomberg expert had previously expressed<\/a> bullish optimism on Bitcoin future outlook and said\u00a0BTC would explode along with gold and US bonds during what he refers to as a \u201cgreat reversion\u201d. He noted:<\/p>\n

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\u201cI think what\u2019s going to happen is the great reversion. It\u2019s just getting started. It might be like the aftermath of 1929, [but] I think it\u2019s going to be like the aftermath of 2008 [or] maybe like after the 1987 crash. It\u2019s so overdue, and all risk assets, everywhere from condos in Miami and Toronto to the stock market. It\u2019s just starting to happen and the greatest inflation in 40 years and most people\u2019s lifetime is starting that.\u201d<\/p>\n<\/blockquote>\n

McGlone\u2019s latest observation is that the week ahead could be another one we all like to avoid. He said<\/a>:<\/p>\n

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\u201cDown over 10% on Saturday, Bitcoin <\/span>pointing to a big risk asset decline week. Feds 75 bps hike may be the last, risk asset deflation doing the tightening for them. 1929ish \u2013 aggressive rate hikes despite plunging stock market, global GDP and consumer sentiment.\u201d<\/span>\u00a0<\/strong><\/p>\n<\/blockquote><\/div>\n