Bitcoin (BTC) has traded above the $20,500 benchmark for at least four straight days as the leading digital currency continued to fuel broader market bullishness. Renowned Bloomberg Senior Commodity Strategist Mike McGlone believes the cryptocurrency has finally bottomed out.
On his Twitter page, McGlone said that the top cryptocurrency may have bottomed or is forming an erratic bearish pattern, which Bloomberg is currently biased towards. According to him, there appears to be a correlation between the bottom made in 2019 when the cryptocurrency bottomed at $5,000.
Bitcoin $20,000 vs. $5,000 in 2019: A base or the fight against the Fed. One of the best performing assets in 2023 – #Bitcoin – may have bottomed or is a bearish bear, and our bias is both, with one major difference from a similar pattern seen earlier in 2019: the #Fed is tightening the picture. twitter.com/DDbyVMIXe2
— Mike McGlone (@mikemcglone11) January 18, 2023
As the top market analyst noted, there is a major difference between the 2019 bottom and one currently being observed that could further support the price rise. That difference, he said, is the fact that the Federal Reserve is still tightening monetary policy, with Fed Fund futures up 3.5%.
His argument consists in the fact that Bitcoin’s recent growth rate implies that the coin has differential strength against rate hikes.
Bitcoin Price Predictions
As the flagship digital currency in the crypto ecosystem, its anchor role as a key entry point in the industry remains a highlight for professionals in the industry.
Following Bitcoin’s weekly supply of 22%, Ben Armstrong, aka BitBoy Crypto, believes the coin will grow towards the $25,000-$30,000 range in the medium to long term. Compared to previous forecasts, this estimate is very conservative, as market leaders such as Anthony Scaramucci, the founder and managing partner of SkyBridge Capital, have said that he expects the coin’s price to reach $50,000 to $100,000 in the next two to three years will.
Aside from Scaramucci, a handful of other experts see 2023 as the start of Bitcoin’s bull run.
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