Popular Bloomberg Senior commodity strategist McGlone has indicated that Bitcoin may go Parabolic in 2021.
Bitcoin price trends in 2020 have been a roller-coaster ride showcasing $3800 to $14000 figures over the year and the analyst’s prediction is based on his analysis over the years.
Bitcoin might go parabolic
Popular Bloomberg analyst and senior commodity strategist Mike McGlone has predicted that a higher low, followed by another higher high is what will take to send Bitcoin ‘parabolic’. The top analyst from Bloomberg intelligence analyses the yearly BTC/USD price chart and comes with a prediction of a new crypto market bull run in the brewing. He believes that the supply of Bitcoin is diminishing and its annualized average price moving average well blended within it to confirm the strong reasons behind the prediction.
He has also come up with charts that have shown a significant trend of a strong formation of BTC especially after the halving events of the network acting as a major catalyst. The cryptocurrency’s halving events take place every 4 years which is why the new peaks are also observed in these intervals.
Bitcoin has proved to be a strong name in the cryptocurrency industry ever since its launch. The world’s oldest cryptocurrency has outperformed several potentially positively potent projects indicating its stronghold. It has seen a whirlwind of activities over the years, yet there is no denying that it is one of the most reliable of all. To many, it is a dependable store of value and due to its limited supply, it is deflationary by comparison and highly collectible.
McGlone is a reliable name in the research industry
The creator of Bitcoin wanted it to be both crypto and a commodity like gold. McGlone is a reputable name in the world of crypto analysis, and his career has spanned all these years analyzing supply and demand in the commodities market. McGlone’s understanding of the market dynamics is irrefutable because of the immense research value he has immersed in it over the years. Very few in the industry understand the true dynamics and passage of Bitcoin’s diminishing block reward, but McGlone has achieved a great, inherently strong understanding of it all based on the years of his research and understanding.
In his present analysis of Bitcoin’s strong up predicted to be soon, he believes that the lowering supply and surging demand is likely to send the cryptocurrency parabolic. He even draws a parallel to the stock-to-flow model which was popularized by Plan B. Other Bitcoin analysts believe that the cycles of Bitcoin are stretching and as of now no one has come out in the open to acknowledge its impact on supply and demand and market cycles. And now that the year is about to end, those theories about halving and its effect will have to prove itself in practice.
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