Bitcoin At dollar20K Could Be ‘New Bottom,’ Commodity Expert Suggests, And Here’s Why
Categories: Bitcoin US
Bitcoin has been in an increasingly volatile position and is down as much as 50% compared to its previous all-time high. All eyes are on the crypto Alpha Dog watching its next price movements. On the other hand, many market analysts believe that the decline in BTC trading price is a bounce towards a massive uptrend.In fact, Mike McGlone, senior commodity strategist at Bloomberg Intelligence, said in his recent tweet that crypto declines are normal as the coin is still trying to get the hang of it as it faces a major test. McGlone has always been extremely optimistic about BTC, believing that the king of cryptocurrency will regain its dominance and power as the most important crypto investment. In fact, the senior commodity strategist believes that once the market stabilizes, Bitcoin is poised to outperform all other crypto assets. The data in the report comes from a survey of 77 crypto hedge fund managers conducted in April, PwC said, adding that they had $4 billion in net assets under management last year.While McGlone has maintained his bullish stance, other crypto market strategists such as Peter Schiff believe otherwise. Schiff looks at the decline of bitcoin and says that it is the long-awaited bubble burst that is bound to bleed the market. BTC is trying to stay above the $20K critical line, BTC is currently trading at $21,200 and trying to stay above and above $20,000. The crypto leader has led all other cryptocurrencies to shave off $360 billion in just one week. Bitcoin price is following a free-fall trajectory as it nears the crucial $20K level. BTC is technically called oversold as it recently broke the $30K support level and is going down with increased momentum and two things are about to happenEither Bitcoin retreats and goes bullish – or goes further down or in what analysts call a “bottom accumulation phase”.