Reading time: ~ 1 m
Mike McGlone Says First Cryptocurrency Will Move To Recovery After Dropping To Important Level
Bloomberg chief commodity strategist Mike McGlone believes that bitcoin has bottomed out the current correction, which is at $ 45,000. According to the analyst, the asset will recover to $ 70,000 in the near future.
McGlone claims that the first cryptocurrency is in a “stable bull market.” The strategist recalled that by the end of the year the asset went up by 66%.
On December 23, Bitcoin is trading at $ 48,000, and its capitalization is $ 920 billion, according to CoinGecko. On November 10, the price of the cryptocurrency updated its historical maximum above $ 69 thousand.Since then, the asset has fallen in price by 20%.
Earlier, trader Nicholas Merten predicted that the value of bitcoin could reach $ 200 thousand, but before that the asset must go through a correction and a stage of accumulation.
#Bloomberg #strategist #predicted #completion #bitcoin #correction
