Bloomberg Intelligence senior commodity strategist Mike McGlone believes bitcoin is “more likely” headed for $40K instead of $20K after discussing the possibility of capitulation in a recent tweet. McGlone’s opinion follows a number of predictions that say bitcoin could drop to the $20K zone if there’s more pullback in the cards.
Bloomberg Commodity Strategist Suggests Bitcoin ‘More Likely’ to Hit $40K Than $20K
Bitcoin markets have improved on Wednesday, after the announcement stemming from El Salvador which recognized bitcoin (BTC) as legal tender in the country. Even though the news has been positive, some people are still not sure if the “bottom is in.”
There have been predictions of BTC dropping below the $30K region and even down to the $20K zone. Stephen Kelso, head of markets at ITI Capital explained in a note to Bitcoin.com News that there have been reports that suggest BTC could drop to this low point.
“Speculative reports suggest that bitcoin could soon drop to $20,000, referencing the looming bearing cross of the 50 and 200 daily moving averages,” Kelso explained. “However, there are still some positive signs for the price of digital assets to build again, for example the encouraging price action overnight, stabilising funding spreads for futures and a…