![\"Strategist](\"https:\/\/www.cryptocabaret.com\/wp-content\/uploads\/2021\/07\/mcglonnses-768x432.jpg\")
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The senior commodity strategist at Bloomberg Intelligence, Mike McGlone, has been long on bitcoin for a while now and he said last month that bitcoin has a \u201cbullish ace up its sleeve.\u201d This week the strategist\u2019s analysis notes that bitcoin prices will likely revert toward the $60K handle in contrast to the $20K support range.<\/strong><\/p>\n On July 23, Bloomberg\u2019s senior exchange-traded fund (ETF) analyst Eric Balchunas<\/a> shared a screenshot of Mike McGlone\u2019s<\/a> written statement concerning current bitcoin markets. After tapping a high of $35,960 on July 4, the leading crypto asset tumbled to a low of $29,300 per unit 19 days later. On July 24, bitcoin (BTC)<\/a> managed to climb back toward the $34K region<\/a> as there\u2019s been a slight trend reversal during the last 48 hours.<\/p>\n \u201cOur crypto analyst Mike McGlone says bitcoin [is] more likely to hit $60k than $20k based on historical price patterns,\u201d Balchunas tweeted<\/a> on Friday. \u201c[McGlone] also says China\u2019s rejection of open-source software crypto assets may mark [a] plateau in [the] country\u2019s economic ascent,\u201d Balchunas added. A few individuals responded to McGlone\u2019s take and one person said<\/a>:<\/p>\n That\u2019s a hot take on China. Rejecting things like this typically shows a fear that something is better than your own currency. Every Country that rejects Bitcoin is SCREAMING the same thing.<\/p>\n<\/blockquote>\n Balchunas replied<\/a> to the comment and said it reminded him of some old jokes. \u201cReminds me of the Chuck Norris jokes for some reason. China doesn\u2019t reject bitcoin, bitcoin rejects China,\u201d Balchunas said.<\/p>\n <\/ins> <\/ins> <\/p>\n As far as McGlone\u2019s bitcoin (BTC)<\/a> price forecast is concerned, the ETF analyst\u2019s screenshot of McGlone\u2019s outlook said:<\/p>\n Bitcoin is more likely to revert toward $60,000 resistance vs. $20,000 support, if its history of recovering from similar too-cold conditions are any guide. Our graphic depicts the benchmark crypto akin to the 2018-2019 consolidation period of around $4,000, just before launching to the 2019 peak at about $14,000. The more tactical-trading-oriented bears seem to proliferate when Bitcoin sustains at about 30% threshold below its 20-week moving average, allowing the buy-and-hold types time to accumulate.<\/p>\n<\/blockquote>\n Besides China, regulators have been cracking down<\/a> on cryptocurrency operations<\/a> worldwide. Government officials in Europe want to ban anonymous transactions and the European Commission has proposed legislation<\/a> to \u201censure full traceability of crypto-asset transfers.\u201d<\/p>\n Hey #China<\/a>? Good Luck With That One \u2013 #Bitcoin<\/a>, #Dollar<\/a> Dominance: \u2014 Mike McGlone (@mikemcglone11) July 23, 2021<\/a><\/p>\n<\/blockquote>\n In addition to the regulatory climate, global markets, in general, are a touch shaken<\/a> by the narrative surrounding the Covid Delta variant. While lots of people responding to Balchunas\u2019 Twitter thread agreed with McGlone, one individual said he only agreed with one specific part of the statement where he said bitcoin is more likely to hit $60K than $20K.<\/p>\n This isn\u2019t the first time McGlone has made such predictions concerning bitcoin<\/a>\u2018s future price. Last month, the senior commodity strategist said<\/a> \u201c$40,000 appears more likely than $20,000\u201d and the latest $60K call is a lot more optimistic.<\/p>\nETF Analyst: \u2018China Doesn\u2019t Reject Bitcoin, Bitcoin Rejects China\u2019<\/h2>\n
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McGlone: \u2018Bitcoin Market Akin to the 2018-2019 Consolidation Period\u2019<\/h2>\n
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China’s rejection of open-source software crypto-assets may mark a plateau in the country’s economic ascent, we believe, while extolling the value of the U.S. dollar and Bitcoin. pic.twitter.com\/gI3rNjC9X7<\/a><\/p>\n