Bloomberg’s closely followed commodities analyst Mike McGlone says that the $20,000 range for Bitcoin may act as the new price floor, similar to $5,000 in years past.
The analyst says that the flagship cryptocurrency is now approaching historically “too-cold” price levels, based on a series of moving averages.
“$20,000 Bitcoin may be the new $5,000 – The fundamental case of early days for global Bitcoin adoption vs. diminishing supply may prevail as the price approaches typically too-cold levels. It makes sense that one of the best-performing assets in history would decline in [the first half of 2022].”
Source: Mike McGlone/Twitter
During the 2018 bear market, the $5,000 price area served as support for Bitcoin for about a year. In 2020, the $5,000 level also acted