Bloomberg analyst sees Bitcoin (BTC) bullish
Bitcoin has experienced a major price correction for the past few days now. For Bloomberg Intelligence commodity strategist Mike McGlone, it is clear that Bitcoin will make the $ 10,000 and stay above that limit.
Bitcoin still has a lot of potential
In a new tweet, the strategist has listed some of the key indicators that show him that Bitcoin is likely to extend its rally.
McGlone believes that the growth of Bitcoin addresses, which shows the actual pace of launch, should be seen as very bullish. Since June 2019, the network has managed to add a million active addresses, with large and small portfolios also increasing.
It also highlights the open interest of CME which, as we reported yesterday, has reached a new historic record.
Support for key indicators #BitcoinIt is the ability to maintain above $ 10,000. Increasingly used addresses, record open term interest and assets under management (AUM) from GBTC support the digital version of the value of gold and the similar direction of crypto to the advancement of the metal. pic.twitter.com/jMWw6Cz97u
– Mike McGlone (@ mikemcglone11) May 21, 2020
He also mentioned that Grayscale recently managed total assets of $ 3.8 billion. The company’s Bitcoin Trust Fund is still responsible for almost 90% of this amount.
In February, McGlone said Bitcoin was attracting more and more institutional investors due to its limited supply and quick acceptance.
The fact that Bloomberg is now reporting more and more on Bitcoin, and Bloomberg analysts are even positive about BTC, shows that Bitcoin is getting a lot of attention.
Keith McCullough, CEO of Hedgeye Risk Management, who is generally skeptical about crypto, also recently mentioned on Twitter that despite its price correction, Bitcoin is still on its uptrend.
– Keith McCullough (@KeithMcCullough) May 21, 2020
As of this writing, the price of Bitcoin is slightly higher than $ 9,000. A recovery does not seem to be in sight yet, so it remains to be seen where there will be a floor.