Bitcoin Records 6% Gains as Analyst Predicts Price Set to Hit $40,000
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Bitcoin Records 6% Gains as Analyst Predicts Price Set to Hit $40,000

June 10, 2021      Divya Mathur

Bloomberg’s Senior Commodity Strategist Mike McGlone suggests that Bitcoin price is “more likely” to hit $40,000 than $20,000. His prediction coincides with a 6% spike experienced by the largest cryptocurrency on June 9. Analysts believe Bitcoin is on a bullish track with El Salvador adopting the digital currency as legal tender.

McGlone Predicts Bitcoin Price Will See a Return to $40,000 Mark

According to data pouring in from analysts, BTC is likely to reclaim the $35,000 mark. But McGlone predicts that the digital store of value could bounce even higher. In a post shared on his Twitter account on Wednesday, McGlone highlighted, “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.”  He added, “Bitcoin Capitulation? $40,000 Appears More Likely Than $20,000.”

Additionally, McGlone indicated that Bitcoin is currently meeting its 20-week moving average, and giving bottom signals similar to the ones from March 2020, when the market was reeling under a pandemic-induced crash. For the uninitiated, moving averages are crucial to understanding where the markets are headed next.

BTC is Moving Away from Being a Speculative Crypto

Before tweeting his analysis of the BTC market, McGlone touched upon the currency’s transition to a global digital-reserve asset. He remarked: 

“The June 3-5 Bitcoin 2021 conference further validated our view that Bitcoin has transitioned to a global digital-reserve asset and away from being a speculative crypto.”

Bitcoin investors are hoping for the clouds of decline to clear in light of El Salvador’s legalization of the primary cryptocurrency. The development is being hailed as a turning point for the future of crypto markets amid growing calls of scrutiny. Bitcoin and other cryptos have recently come under the scanner, and not everybody is a fan, with some like the former U.S. President Donald Trump labeling BTC a “scam”.

Bitcoin is currently trading in the $35,000 range, but it hasn’t been able to turn the price into reliable support.

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Divya Mathur
Divya Mathur

Divya is a postgraduate from Jawaharlal Nehru University specializing in International Relations and a professional writer with more than 5 years of experience writing for the web. She is an avid reader interested in the global financial system and the effects of decentralization. At Cryptoknowmics, she hopes to deliver clear and understandable content to inform readers about the latest events in the crypto sector.