Bitcoin (BTC) could still fall under $30,000, but some prominent sources are already calling the end of the latest bearish turn on BTC/USD.
In a tweet on Jan. 25, Mike McGlone, senior commodity strategist at Bloomberg Intelligence, eyed Bitcoin’s position relative to its 20-week moving average, noting that historically, current levels have marked a turning point.
McGlone: Bitcoin “a bit extended” at all-time highs
Still hopeful for Bitcoin to weather a macro storm this year, McGlone’s data places BTC/USD at the same position in which it halted downtrends in March 2020 and July 2021.
Those incidences correspond to the coronavirus cross-march crash and the China miner rout, respectively.
“The fact that Bitcoin is an up-and-coming asset, with less than $1 trillion market cap vs. about $100 trillion of global equities, that got a bit extended may give the crypto an advantage,” he commented.