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Mike McGlone: Bitcoin is more likely to return to $60,000 than continue to fall

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The main cryptocurrency in the world has risen in price by $1,500 by the end of Saturday. In total, the growth of bitcoin has been going on for the fifth day and during this time it has managed to grow by $5,500. This is not the highest record value of growth, but it is still quite impressive. The most important thing now is to figure out the future prospects for bitcoin. Recall that the overwhelming majority of experts expect bitcoin to continue to fall in price over the coming months. Moreover, looking at the 24-hour timeframe, it becomes clear that now a new downward trend is forming rather than vice versa. The current growth is still too small to qualify for the status of the beginning of an upward trend. However, we also cannot fail to note that the price failed to overcome the important level of $29,700 for the third time, so the current growth is partly quite logical: the price did not surpass an important support level, so a new round of growth began. Recall that in the past few months the price has been mainly between the levels of $29,700-$40,700. That is, we have a kind of horizontal channel. Accordingly, in the coming weeks, the price is set to reach the upper border of this horizontal channel.

At the same time, Bloomberg strategist Mike McGlone believes that Bitcoin has a much better chance of returning to the level of $60,000 a coin than falling to $20,000. McGlone explained his conclusions with technical patterns and stated that bearish sentiment prevails when quotes stay 30% below the 20-week moving average line. The analyst also said that the current picture is very similar to the situation in 2019, when Bitcoin started at $4,000 and rose to $14,000. Do recall that a conference dedicated to cryptocurrencies was recently held, during which Elon Musk, Jack Dorsey and Katie Wood spoke, who in general spoke very flatteringly about bitcoin and said that a great future awaits it. Bitcoin started a new round of appreciation after this conference. However, we still do not believe that bitcoin will be able to start a new upward trend from its current position. Do recall that the period of consolidation after the end of the bullish trend can take around one to several years. During this time, the price can not only fall, but also rise. Therefore, the current growth of 5,500 dollars does not mean anything yet.

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Technically, bitcoin bounced off the level of $29,700, so it can now continue to move up with $40,700 as the target. It is far from the fact that the price will reach this level, since there are no significant fundamental reasons for such a strong growth in bitcoin now. By and large, and now bitcoin is growing only on the optimistic statements of the heads of Tesla, Twitter and Ark Invest. Thus, we expect bitcoin to return to the $29,700 level in the next couple of weeks and try to overcome it again.

The material has been provided by InstaForex Company - www.instaforex.com