Bloomberg analyst Mike McGlone continued his optimistic outlook for Bitcoin in his August report.
Analyst Mike McGlone painted an optimistic picture for Bitcoin’s price travel in Bloomberg Intelligence’s cryptocurrency report for August. As we reported last month, McGlone gave the good news of $ 12,000 when the Bitcoin price was at $ 9,000.
Bitcoin is fast moving towards mainstream
Anticipating that Bitcoin will return to an all-time high, McGlone emphasized in the August report that the leading cryptocurrency is rapidly on its way to becoming a mainstream investment.
According to McGlone’s testimony, as the price rose above $ 10,000 in July, this level turned from resistance to support, and the growing adoption, relative scarcity, the macroeconomic backdrop that developed in Bitcoin’s favor support the upward trend of the leading cryptocurrency.
It attracts attention as a digital version of gold
The report states that Bitcoin and gold attract increasing numbers of investors as stores of value in a world where returns on stocks are decreasing due to monetary expansion with zero and negative interest rates. According to McGlone, Bitcoin is gaining attention as a digital version of gold.
“Bitcoin is more likely to sustain higher levels than the Nasdaq due to reduced supply and lower volatility against increased demand compared to the Nasdaq Composite Index,” the report also included a comparison with the Nasdaq. It said.
Ethereum’s price increase is speculative
In the report, besides Bitcoin, other cryptocurrencies such as Ethereum were also included. It was emphasized that the price rally in Ethereum is more speculative compared to favorable demand and supply conditions that support the price rally in Bitcoin. It was noted that Ethereum is facing a large number of competitors in the market.