Bitcoin (BTC) is “more likely” to hit $40,000 than $20,000, Bloomberg argues, as the largest cryptocurrency gains 6% in a day.
BTC/USD 1-hour candle chart (Bitstamp). Source: TradingViewMcGlone eyes “enduring bull market bottom”
In a tweet on Wednesday, Mike McGlone, senior commodity strategist at Bloomberg Intelligence, argued that Bitcoin would sooner see a return to $40,000 than its 2017 all-time highs of $20,000.
“Bitcoin Capitulation? $40,000 Appears More Likely Than $20,000,” he wrote.
“The June 8 Bitcoin plunge and revisit of lower-end-range support around $30,000 had many of the earmarks of extreme bearish sentiment typical of more enduring bull-market bottoms.”
McGlone highlighted Bitcoin meeting its 20-week moving average as providing similar bottom signals to March 2020 — the height of the coronavirus-induced market crash.
Moving averages continue to play a key part in concerns over where the BTC price is headed next.
BTC/USD vs. 20-week moving average chart. Source: