{"id":46631,"date":"2021-07-25T10:22:58","date_gmt":"2021-07-25T07:22:58","guid":{"rendered":"https:\/\/forklog.com\/en\/?p=46631"},"modified":"2025-09-01T17:24:43","modified_gmt":"2025-09-01T14:24:43","slug":"bloomberg-strategist-bitcoin-more-likely-to-return-to-60000-than-fall-to-20000","status":"publish","type":"post","link":"https:\/\/u1f987.com\/en\/bloomberg-strategist-bitcoin-more-likely-to-return-to-60000-than-fall-to-20000\/","title":{"rendered":"Bloomberg Strategist: Bitcoin More Likely to Return to $60,000 Than Fall to $20,000"},"content":{"rendered":"<p>Bloomberg Intelligence\u2019s senior commodity strategist Mike McGlone says Bitcoin is more likely to return to the $60,000 level than to fall to $20,000.<\/p>\n<blockquote class=\"twitter-tweet\">\n<p lang=\"en\" dir=\"ltr\">Our crypto analyst <a href=\"https:\/\/twitter.com\/mikemcglone11?ref_src=twsrc%5Etfw\">@mikemcglone11<\/a> says Bitcoin more likely to hit $60k than $20k based on historical price patterns, also says China\u2019s rejection of open-source software crypto assets may mark plateau in country\u2019s economic ascent \ud83d\udd25\ud83d\udd25 <a href=\"https:\/\/t.co\/uVIp7uErxV\">pic.twitter.com\/uVIp7uErxV<\/a><\/p>\n<p>\u2014 Eric Balchunas (@EricBalchunas) <a href=\"https:\/\/twitter.com\/EricBalchunas\/status\/1418534907744342019?ref_src=twsrc%5Etfw\">July 23, 2021<\/a><\/p><\/blockquote>\n<p> <script async=\"\" src=\"https:\/\/platform.twitter.com\/widgets.js\" charset=\"utf-8\"><\/script><\/p>\n<blockquote class=\"wp-block-quote is-layout-flow wp-block-quote-is-layout-flow\">\n<p>&#8220;Our crypto analyst Mike McGlone said that Bitcoin is more likely to reach $60,000 than $20,000, based on historical price patterns. He also said that China\u2019s rejection of open-source software crypto assets may mark the beginning of a plateau in the country\u2019s economic ascent&#8221;, wrote Bloomberg ETF senior analyst Eric Balchunas.<\/p>\n<\/blockquote>\n<p>McGlone said the market setup resembles the 2018-2019 consolidation period when Bitcoin traded near $4,000 before rising to $14,000. He stressed that bearish sentiment prevails when the price sits about 30% below the 20-week moving average.<\/p>\n<p>On Sunday, July 25, Bitcoin cleared the $34,400 level. In the past 24 hours the asset rose almost 2%, over the week \u2014 9%, according to <a href=\"https:\/\/www.coingecko.com\/ru\/%D0%9A%D1%80%D0%B8%D0%BF%D1%82%D0%BE%D0%B2%D0%B0%D0%BB%D1%8E%D1%82%D1%8B\/%D0%B1%D0%B8%D1%82%D0%BA%D0%BE%D0%B8%D0%BD\">CoinGecko<\/a>. At the time of writing, the digital gold was trading at $34,460.<\/p>\n<figure class=\"wp-block-image size-large\"><img loading=\"lazy\" decoding=\"async\" width=\"1024\" height=\"502\" src=\"https:\/\/u1f987.com\/wp-content\/uploads\/btc-48-1024x502.png\" alt=\"Bloomberg Strategist: Bitcoin More Likely to Return to $60 000 Than to Fall to $20 000\" class=\"wp-image-143570\" srcset=\"https:\/\/u1f987.com\/wp-content\/uploads\/btc-48-1024x502.png 1024w, https:\/\/u1f987.com\/wp-content\/uploads\/btc-48-300x147.png 300w, https:\/\/u1f987.com\/wp-content\/uploads\/btc-48-768x377.png 768w, https:\/\/u1f987.com\/wp-content\/uploads\/btc-48-1536x754.png 1536w, https:\/\/u1f987.com\/wp-content\/uploads\/btc-48.png 1828w\" sizes=\"auto, (max-width: 1024px) 100vw, 1024px\" \/><figcaption>Hourly chart BTC\/USDT on Binance. Data: <a href=\"https:\/\/ru.tradingview.com\/symbols\/BTCUSDT\/\">TradingView<\/a>.<\/figcaption><\/figure>\n<p>One of Balchunas&#8217; followers wrote that crackdown on innovative financial technologies signals concerns in China about the stability of the yuan.<\/p>\n<blockquote class=\"twitter-tweet\">\n<p lang=\"en\" dir=\"ltr\">Reminds me of the Chuck Norris jokes for some reason. China doesn\u2019t reject bitcoin, bitcoin rejects China!<\/p>\n<p>\u2014 Eric Balchunas (@EricBalchunas) <a href=\"https:\/\/twitter.com\/EricBalchunas\/status\/1418540217284317184?ref_src=twsrc%5Etfw\">July 23, 2021<\/a><\/p><\/blockquote>\n<p> <script async=\"\" src=\"https:\/\/platform.twitter.com\/widgets.js\" charset=\"utf-8\"><\/script><\/p>\n<blockquote class=\"wp-block-quote is-layout-flow wp-block-quote-is-layout-flow\">\n<p>&#8220;For some reason this reminded me of Chuck Norris jokes. China doesn\u2019t reject Bitcoin, Bitcoin rejects China,&#8221; the analyst replied.<\/p>\n<\/blockquote>\n<p>McGlone later noted the dominance of the U.S. dollar in digital-asset trading and said that the actions of Chinese authorities &#8216;increase the value&#8217; of Bitcoin and the U.S. dollar.<\/p>\n<blockquote class=\"twitter-tweet\">\n<p lang=\"en\" dir=\"ltr\">Hey <a href=\"https:\/\/twitter.com\/hashtag\/China?src=hash&#038;ref_src=twsrc%5Etfw\">#China<\/a>? Good Luck With That One \u2014 <a href=\"https:\/\/twitter.com\/hashtag\/Bitcoin?src=hash&#038;ref_src=twsrc%5Etfw\">#Bitcoin<\/a>, <a href=\"https:\/\/twitter.com\/hashtag\/Dollar?src=hash&#038;ref_src=twsrc%5Etfw\">#Dollar<\/a> Dominance:<br \/>China\u2019s rejection of open-source software crypto-assets may mark a plateau in the country\u2019s economic ascent, we believe, while extolling the value of the U.S. dollar and Bitcoin. <a href=\"https:\/\/t.co\/gI3rNjC9X7\">pic.twitter.com\/gI3rNjC9X7<\/a><\/p>\n<p>\u2014 Mike McGlone (@mikemcglone11) <a href=\"https:\/\/twitter.com\/mikemcglone11\/status\/1418520373356900359?ref_src=twsrc%5Etfw\">July 23, 2021<\/a><\/p><\/blockquote>\n<p> <script async=\"\" src=\"https:\/\/platform.twitter.com\/widgets.js\" charset=\"utf-8\"><\/script><\/p>\n<p>Concerns about the consequences of cryptocurrency-mining bans are also voiced by some experts from the PRC. As Colin Wu reports, former Bank of China president Li Lihui said that China could &#8216;lose competitiveness in the era of decentralized finance&#8217;.<\/p>\n<blockquote class=\"twitter-tweet\">\n<p lang=\"en\" dir=\"ltr\">The Bank of China is a commercial bank and not the Central Bank of China. <a href=\"https:\/\/t.co\/19PMRS9iTL\">https:\/\/t.co\/19PMRS9iTL<\/a><\/p>\n<p>\u2014 Wu Blockchain (@WuBlockchain) <a href=\"https:\/\/twitter.com\/WuBlockchain\/status\/1419091832047235074?ref_src=twsrc%5Etfw\">July 25, 2021<\/a><\/p><\/blockquote>\n<p> <script async=\"\" src=\"https:\/\/platform.twitter.com\/widgets.js\" charset=\"utf-8\"><\/script><\/p>\n<p><a href=\"https:\/\/u1f987.com\/en\/news\/bitcoin-price-falls-below-30000\">On 20 July, the price of Bitcoin <a href=\"https:\/\/u1f987.com\/en\/news\/bitcoin-price-falls-below-30000\">fell below $30 000<\/a>. However, after The B World conference featuring <a href=\"https:\/\/u1f987.com\/en\/news\/ark-invest-founder-bitcoin-will-be-greener-than-the-traditional-financial-services-sector\">Elon Musk, Cathie Wood and Jack Dorsey<\/a>, quotes began to rise.<\/p>\n<p>Follow ForkLog&#8217;s Bitcoin news on our <a href=\"\/\/telegram.me\/forklog\" target=\"\u201c_blank\u201d\" rel=\"\u201cnofollow\u201d noopener\">Telegram<\/a> \u2014 cryptocurrencies news, rates and analysis.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Bloomberg Intelligence\u2019s senior commodity strategist Mike McGlone says Bitcoin is more likely to return to the $60,000 level than to fall to $20,000.<\/p>\n","protected":false},"author":1,"featured_media":46632,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"select":"1","news_style_id":"1","cryptorium_level":"","_short_excerpt_text":"Bitcoin likely to hit $60k rather than drop to $20k, per Bloomberg strategist.","creation_source":"","_metatest_mainpost_news_update":false,"footnotes":""},"categories":[3],"tags":[18,480,133],"class_list":["post-46631","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news-and-analysis","tag-bitcoin","tag-bitcoin-price","tag-china"],"aioseo_notices":[],"amp_enabled":true,"views":"33","promo_type":"1","layout_type":"1","short_excerpt":"Bitcoin likely to hit $60k rather than drop to $20k, per Bloomberg strategist.","is_update":"","_links":{"self":[{"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/posts\/46631","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/comments?post=46631"}],"version-history":[{"count":1,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/posts\/46631\/revisions"}],"predecessor-version":[{"id":46633,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/posts\/46631\/revisions\/46633"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/media\/46632"}],"wp:attachment":[{"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/media?parent=46631"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/categories?post=46631"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/tags?post=46631"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}