Wednesday, May 29, 2024

Bloomberg Analyst Called The “Ceiling” of the Cost of Bitcoin

Mike McGlone believes that at the moment the first cryptocurrency is in the process of forming a "sex"

Bloomberg ‘s chief commodities strategist Mike McGlone published a report in which he named the marginal value of bitcoin within the current growth cycle.

According to McGlone, at the moment, the cryptocurrency is forming a stable “floor”. After this level is formed, the bitcoin rate will aim to move towards the “ceiling”, which is the mark of $100,000, the analyst believes.

On February 7, the price of bitcoin reached $43,000 for the first time since January 20. Over the week, the cryptocurrency has risen in price by more than 13%, the asset is trading at $42.6 thousand. In November 2021, Bitcoin updated its all-time high above $69 thousand. Since then, it has fallen in price by 38%.

Earlier, trader Justin Bennett predicted that after reaching $43,000, the price of bitcoin will reach $46,000, since the first serious resistance level is located at this level. If it breaks through, the cryptocurrency can rise in price to the range of $50-53 thousand, Bennett believes. In his opinion, bitcoin may enter a rally phase in which its value will rise rapidly.

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