The price of Bitcoin has become a concern for most analysts after the prices rose by 6% in a single day. A Bloomberg analyst argued that Bitcoin will hit the $40k mark rather than move towards around the $20k mark again.
According to the latest data from Cointelegraph Markets and TradingView, Bitcoin is steadily reclaiming its $35k mark in the midst of the new bullish forecasts from analysts.
Mike McGlone, a commodity strategist at Bloomberg Intelligence has recently stated that Bitcoin will reach $40k much sooner than it could reach $20k in 2017. In a recent tweet on Wednesday, Mike argues that Bitcoin prices will rapidly recover to the $40k mark unlike its steady recovery pace to $20k in 2017.
According to the tweet, McGlone wrote that $40k is more likely to be achieved than $20k. He also stated that the price dip on June 8 along with lower-end-range of $30k support consisted of many earmarks from bearish sentiments, typical of enduring bull-market bottoms.
McGlone highlighted the 20-week moving average of Bitcoin was similar to the crypto providing bottoming signals on March 2020, during the height of the covid-19 pandemid resulting market crash. It is evident that moving averages will continue to an active role in which direction Bitcoin prices will tend towards next.
Bitcoin has been gaining plenty ever since El Salvador announced making it a legal tender, being the first country to do so. This act served as a counter to all major sources that were against Bitcoin’s endorsement, including the former president of the United States Donald Trump who referred to Bitcoin as a scam.
The El Salvador announcement served as a major turning point for Bitcoin and McGlone who stated that bitcoin had transitioned from a cryptocurrency to a global digital-reserve asset becoming far from being a speculative cryptocurrency.
