Bloomberg Intelligence senior commodity strategist Mike McGlone said that Bitcoin (BTC) is trading less than it should. On the other hand, another analyst, Rekt Capital, argued that we have reached the end of the bear market. Here are the details…
Mike McGlone thinks Bitcoin price is discounted
McGlone says in a new report that he saw Bitcoin as similar to internet stocks in 2001-2002. The analyst’s chart shows that Bitcoin is consolidating at its 100-week moving average with the highest discount ever. What is noteworthy is that the coin last formed a similar base of around $5,000 in 2018-19 and close to $300 in 2015. According to the analyst, the price of around $20,000 on September 2 supports the base case. So, according to the analyst’s argument, Bitcoin is discounting in a long bull market.
McGlone says it’s possible for the world to enter a deflationary recession this year. He argues that “history” could see 2022 as the year that Bitcoin joined gold and US Treasuries as an international store of value. Stating that crypto money is one of the best performing cryptos for about 10 years, McGlone thinks that the movements of BTC are compatible with gold or US Treasury bonds.
Rekt Capital: We are in the last phase of the bear market
On the other hand, cryptocoin.com As we reported, anonymous analyst Rekt Capital said that BTC could see a massive spike in prices after finding the bottom of a bear market in the fall or winter. While saying that we have already left behind a large part of the bear market, he states that there is a huge bull market ahead of us. It only draws attention to the issue of whether the bottom of the bear market will occur in November, December or the first quarter of 2023.
Rekt Capital says the data points to a massive 200 percent boom for the top crypto asset by market cap. But he notes there is a caveat – the leading cryptocurrency could fall further before its price eventually quadruples. According to the analyst, Bitcoin’s recent drop below $20,000 could be part of a long-term trend that sees BTC fall into the red as the week closes or at the start of a crash. But even in the past few months, BTC has shown that it can drop below the green on a weekly basis.
Bitcoin is trading at $20,700 at the time of writing. The top-ranked cryptocurrency by market cap has risen more than 7 percent in the last 24 hours. But it has risen more than 2 percent in the last seven days.
Contact us to be instantly informed about the last minute developments. twitter‘in, Facebookin and InstagramFollow and Telegram and YouTube join our channel!
Disclaimer: The articles and articles on Kriptokoin.com do not constitute investment advice. Cryptokoin.com does not recommend buying or selling any cryptocurrencies or digital assets, nor is Kriptokoin.com an investment advisor. For this reason, Kriptokoin.com and the authors of the articles on the site cannot be held responsible for your investment decisions. Readers should do their own research before taking any action regarding the company, assets or services in this article.
Warning: Citing the news content of Kriptokoin.com and quoting by giving a link is subject to the permission of Kriptokoin.com. No content on the site can be copied, reproduced or published on any platform without permission. Legal action will be taken against those who use the code, design, text, graphics and all other content of Kriptokoin.com in violation of intellectual property law and relevant legislation.