Bloomberg’s Mike McGlone believes that Bitcoin’s current pain at the $30,000 level shows it’s getting mature for a further pricing uptrend
According to the chief commodity strategist of Bloomberg, Mike McGlone, the current difficulties Bitcoin is having attempting to fix above the $30,000 level after falling below it recently are a sign of BTC getting more mature for further rise.
It is not as signal that Bitcoin is in for dark days, he emphasized. In his earlier tweets, McGlone has multiple times opined that Bitcoin is on track to hitting $100,000 in the next few years.
“A matter of supportive maturation”
In his recent tweet, McGlone touched on the topic of the present Bitcoin price correction that pushed the largest crypto by market cap below the $30,000 support on July 20.
Bitcoin has been trying to return above the $30,000 level since then and has managed to do it, rising to the $31,500 zone by now.
However, McGlone believes that probing $30,000 is rather necessary for “supportive maturation” of Bitcoin that will later take it into a long-term uptrend. It is not right to consider it as a sign that Bitcoin’s dark days have arrived.
He also stated that the recent crackdown on Bitcoin miners and their exodus from the country to Canada, Kazakhstan and the US is a confirmation of BTC’s revolutionary value.
Shorter-Term #Bitcoin Pain Typical for Potential Longer-Term Gain:
Probing $30,000 is more a matter of supportive maturation within a longer-term pricing uptrend than a signal that Bitcoin is destined for dark days. China's crackdown confirm Bitcoin's revolutionary value pic.twitter.com/qQM1GSNZJz
— Mike McGlone (@mikemcglone11) July 21, 2021
As reported by U.Today earlier, Bloomberg’s chief expert on commodities tweeted that in the second half of 2021, Bitcoin is poised to resume its movement towards the $100,000 high.
According to his earlier tweet, $100,000 per Bitcoin is “meager” by Bitcoin standards.
Nouriel Roubini expects Bitcoin to keep declining
A prominent Bitcoin critic economist and financial analyst Nouriel Roubini, also known as Dr. Doom for being able to foresee the mortgage market collapse before it happened in 2008-2009, has recently tweeted that he expects Bitcoin to keep falling lower than $29,000.
He explained this, referring to fundamental reasons. Those who entered BTC in March this year, are in the red now, he tweeted.
However, he also wondered if Bitcoin will be propped up by “pump and dump” schemes based on Tether’s USDT stablecoin, which is often used as a liquidity tool for buying and selling BTC.
In January this year, when Bitcoin also fell below $30,000, Roubini tweeted that it was thanks to aa resumed Tether printing that BTC was pushed above the $31,000 line.
Curiously, in November last year, Dr. Doom did recognize Bitcoin to be a store of value as he seemed to be warming up to it.