Bitcoin’s state has become more unstable and it has lost as much as half of its historic high. The crypto alpha dog is the focus of all eyes, as it watches its price movement.
However, market analysts think that BTC’s drop in trading value could be a jumper to massive growth.
As a matter of fact, Mike McGlone, Bloomberg Intelligence Senior Commodity Strategist, on his recent tweet, said that the crypto’s plunge is normal as the coin is still trying to get the hang of it as it faces a massive test.
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Bitcoin Decline – An Unnecessary Evil?
McGlone shared this via Twitter:
“$20,000 Bitcoin may be the new $5,000. The fundamental case of early days for the crypto’s adoption vs. diminishing supply may prevail as the price approaches too-cold levels. It makes sense that one of the best-performing assets in history would drop in 1H.”
McGlone believes that BTC will be the next big crypto investment. He has been a strong advocate for the currency. The senior commodity strategist thinks that Bitcoin will be the best crypto asset once it stabilizes.
Mike McGlone, Senior Commodity Strategist at Bloomberg Intelligence. Image: Elevenews.
Further, the finance experts states that BTC can’t be classified as an asset but rather a collectible. McGlone insists on his projection that Bitcoin would reach $100,000 by 2025. He also believes the current dip in or correction can be attributed to rising inflation.
According to PWC, the majority of crypto fund managers polled believe bitcoin’s price will hover between $75,000- $100,000 by year end.
The data in the report comes from a survey of 77 crypto hedge fund managers conducted in April, PWC said, adding that their total assets under management for last year amounted to $4 billion.
McGlone remains bullish, but other cryptocurrency market strategists such as Peter Schiff believe otherwise. Schiff sees Bitcoin’s decline as it is and says that it’s the long-anticipated bubble burst that is bound to make the market bleed.
Source: TradingView.com| Source: TradingView.com
BTC: Trying to Stay Above $20K.
BTC currently trades at $21,200. The team is working hard to keep it above $20,000. BTC is currently trading at $21,200 and trying to stay above $20,000.
Bitcoin’s price seems to do a free-fall trajectory as it nears the critical $20K level. BTC may technically be oversold, having recently crossed the $30K level. With increased momentum, two things will happen: either Bitcoin pulls back and goes for a bullish run — or head further down or what analysts refer to as the “bottom accumulation phase.”
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Featured Image from The Naked Scientists chart on TradingView.com