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Analyst Mike McGlone's forecast: Bitcoin entered the phase of long-term consolidation
Mike McGlone, an analyst at Bloomberg, believes that in the near future an explosive increase in the Bitcoin exchange rate is unlikely to happen, since it is very clear that cryptocurrency has entered a phase of long-term consolidation.
McGlone does not expect that the cost of BTC will increase significantly even for the halving, which will take place in May 2020. So, the analyst practically does not believe in the possibility of an “aggressive” and long-term growth of the flagship cryptocurrency exchange rate while other analysts make extremely optimistic forecasts.
Bitcoin to the Moon Soon? Volatility Measure Shows It's Unlikely – Volatility is too high to sustain Bitcoin gains, as we see it, with the relative 30-day minus 180-day gauge reaching its highest level since 2015, the last time its price transitioned to a bull from a bear market. pic.twitter.com/iov9HYVRXZ
Mike McGlone (@ mikemcglone11) August 7, 2019
McGlone still supports traders and analysts who are already choosing BTC, focusing on this cryptocurrency as a good risk hedging tool. The analyst noted that in the long run, Bitcoin will benefit from reduced profitability of government bonds and the resumption of volatility in the global stock market. Investors, according to analysts at Bloomberg, will invest more actively in an asset that has established itself as "digital gold." McGlone does not exclude that the BTC will drop to $ 8,200, but he will quickly be able to regain his position.
$ BTC #Bitcoin 4 hour – 3 touches on both lower and upper trend line, price is reacting pic.twitter.com/A444DXFTOo
Big Cheds (@BigCheds) August 8, 2019
The crypto trader on CNBC, which is signed on Twitter as Big Cheds, also believes that BTC is in the consolidation phase, which can last quite a long time, of course, we should expect rate fluctuations.
