Bloomberg analyst Mike McGlone claimed that only an unexpected development could stop Bitcoin’s price.
According to Bloomberg’s veteran analyst Mike McGlone, Bitcoin is currently in a very positive picture. McGlone suggests that only something unexpected can stop the current price rally in Bitcoin.
Commenting on his Twitter account, McGlone said the leading cryptocurrency is ready to leave the narrowest Bollinger Bands ever seen. The analyst thinks that Bitcoin will continue to move upwards in the long term because of this.
“Something unexpected has to happen for bitcoin to stop,” says McGlone. Demand and adoption metrics continue to be positive against the unique fixed supply nature of the crypto asset. says.
McGlone also said, “The Bitcoin price per ounce of gold, which has been between 3-9 times over the past few years, is making the coin prone to regaining value if the volatility history speaks to something. Aug 19, 6x cross rate is the same as in 2017, but Bitcoin / gold volatility has dropped. ” shared the following chart with his expressions.
In a report published in early August, McGlone stated that Bitcoin is rapidly on its way to becoming mainstream, with increased adoption, relative scarcity, and the macroeconomic backdrop that has developed in favor of Bitcoin, supporting the upward trend of the leading cryptocurrency. Describing the price increase of Ethereum as “speculative”, the analyst expects a similar price increase in Bitcoin to 2017.