Mike McGlone, the well-known Bloomberg analyst thinks that BTC will hit $50,000 in the coming sessions as the recent meltdown in the price from the ATH didn’t do anything to shake the bullish bias so let’s read more in the latest BTC news today.
In a report published a few days ago, senior strategist and Bloomberg analyst Mike McGlone, wrote that the number one cryptocurrency could hit $50,000 in the coming sessions and even called out BTC for its ability to hold the $30,000 and the $40,000 range in the latest pullback move, saying that the $30K level serves as a solid support base to attract more investors.
About $30,000 is the threshold supported by the rising tide of institutional investors and the global adoption of the currency as a store of value:
“Our graphic depicts the milestone of the 20-week moving average crossing above $20,000, which we view as an extreme downside level in the event of a risk-off swoon akin to 1Q20.”
As to what brought the institutional investors close to BTC, McGlone noted that there’s evidence showing funds flowing from gold to crypto markets. The low-interest rates and the increasing debt-to-GDP ratio could be the reason behind Bitcoin’s new rally. With a limited supply cap of 21 million tokens, the cryptocurrency saw a huge spike in its demand as a safe haven asset. In the meantime, the traditional investors choose gold whose value secured a record high last year against inflation fears.
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McGlone noted that institutional investors are gaining more exposure in the BTC market via the Grayscale BTC trust as the New York-based fund enabled investors to gain more exposure to Bitcoin while avoiding the issues of buying, storing, and keeping it safe. Capital flows into the Grayscale trust while it kept on accumulating even more BTC to back its security offerings:
“Our [research] depicts accelerating flows into Grayscale Bitcoin Trust (GBTC) as they decline in total known ETF holdings of gold. At almost 700,000 Bitcoins, GBTC is reaching record highs, while gold ETFs have dropped to about 107 million ounces from the October peak, just above 111 million.
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Institutional adoption for BTC seems to be increasing further as the volatility drops to new levels of other traditional markets like gold and stocks. McGlone noted that the crypto’s volatility could drop even below of the gold and will make it a safer asset by 2025:
“Bitcoin 260-day volatility [is] in early bottoming days from an all-time low vs. the same gold measure, akin to the start of 2017.”
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