Bloomberg senior commodity strategist Mike McGlone believes Bitcoin (BTC) is more likely to turn up and rally to $100,000 rather than correct to $20,000. In the June edition of the Bloomberg Galaxy Crypto Index report, McGlone said that Bitcoin’s correction had not dented its foundation and it was “stronger, greener and less extended” than in April.
While Bitcoin has yet to witness a surge in demand, data from Coinshares show crypto funds have turned the corner and after two weeks of outflows, investors have pumped $74 million into cryptocurrency.
Ether (ETH) products were leading the inflows with $47 million being pumped into them. Altcoins such as Cardano (ADA), Ripple (XRP) and Polkadot (DOT) each experienced more than $3 million in inflows.
Daily cryptocurrency market performance. Source: Coin360
Novice traders seem to be in a hurry for the next leg of the bull move to begin. However, that is unlikely to happen quickly because after the recent market reset, the transfer of assets