Bitcoin has reached a level where it can resume its rally. Of this opinion adhered to by Bloomberg analyst Mike McGlone. According to him, the cryptocurrency is ready to resume growth towards $ 100,000.
“Bitcoin is ready to return to the channel of the bullish trend, and crude oil – to resume the bearish trend in the second half of the year,” McGlone wrote on Twitter.
The development of bitcoin and crude oil since 2014. Source: twitter.com
However, when exactly Bitcoin can resume growth remains unknown. Nevertheless, McGlone is confident that this time the rise of the cryptocurrency will “have serious macroeconomic consequences.” For example, a Bloomberg analyst believes that bitcoin has become a rapidly evolving technology that reflects deflation.
However, it is worth noting that McGlone is not the first time predicting a sharp rise in cryptocurrency. For example, in early February of this year, he said that the volatility of bitcoin could increase the gap between the price of cryptocurrency and gold “hundreds of times.”
At the same time, the instability of many altcoins can play into the hands of the largest cryptocurrency in terms of capitalization. According to analysts at Bloomberg Intelligence, altcoins, to a large extent, develop due to speculation. Moreover, the fall of minor digital currencies could strengthen the position of the main cryptocurrency in the status of “reserve currency”, McGlone believes.