Bloomberg analyst Mike McGlone has predicted exceptional performance for Bitcoin into the second half of 2021. Things have been rosy for Bitcoin this year, as the market has seen Bitcoin price crashing down to sub-$40,000. Bitcoin is already trading above $43,000 on Saturday with the potential of seeing higher values in the coming weeks.
Ethereum is presently trading above $3000 with market sentiments showing that more bullish positions are being supported for the coin market’s top coins. Both Bitcoin and Ethereum have seen higher valued in the past weeks before the recent slump. Ethereum rose to above $4000 in May while Bitcoin traded above $60,000 before the market retracted.
However, with the recent recovery, the flagship cryptocurrency has shown that it’s in an upward trajectory as the recent bullish trends will likely push the coin higher. This development will be helped by organizations facilitating Bitcoin payments across the United States and government policies becoming more friendly towards Bitcoin.
McGlone, who is a senior commodity manager at Bloomberg said regarding Bitcoin:
Bitcoin is more likely to revert toward $60,000 resistance vs. $20,000 support, if its history of recovering from similar too-cold conditions are any guide. Our graphic depicts the benchmark crypto akin to the 2018-2019 consolidation period of around $4,000, just before launching to the 2019 peak at about $14,000.