Bitcoin at $ 400,000: Bloomberg expert “cautiously optimistic”

The crypto market is recovering from the sell-off and making up its losses. Mike McGlone’s bullish outlook is also not affected by the fall in the share price.

The crypto market is licking its wounds after the wave of sales. The Bitcoin price fell by almost 3,000 US dollars in yesterday’s trading. The altcoins have also stumbled in the wake of the crypto reserve currency. The downward movement could only have been a sign of life for the bears believed to be missing. At the moment the cops take over the helm again. The total market capitalization is turning into positive again and is targeting the USD 2 trillion mark again. Bitcoin falls 2.9 percent on a daily basis, but has recovered significantly from the daily low. At press time, BTC is trading at $ 56,965.

Ethereum also fell under the wheels for a short time. However, the bears were unable to push the ETH price below $ 1,900. Ether slipped 4.1 percent in the 24-hour comparison, but has regained the 2,000 mark. The ETH rate is currently at US $ 2,010, just 6.2 percent from the record high.

The loser of the day among the ten largest crypto assets is XRP with a minus of 11.6 percent. Apart from the ripple currency, however, the losses level off in the single-digit percentage range. Binance Coin (BNB) and Uniswap (UNI) each lose 3.3 percent, Cardano (ADA) and Litecoin (LTC) each lose 7.4 percent. Polkadot (DOT) posted a price discount of 5.1, Chainlink (LINK) of 6.9 percent.

The overall market visualization of Coin360 is soaked in red paint – at least on a daytime basis. In the hourly chart, the top 10 coins are gradually increasing again and making up their losses. The sale could only have been a brief bear rearing.

Bullish Bitcoin outlook

Mike McGlone, Senior Commodity Strategist at Bloomberg, is also planning in the current one Crypto Outlook no long-lasting resistance from the bear camp. In view of the historical BTC performance, “the technical outlook for Bitcoin in 2021 remains strongly upward”.

Based on the price development in the post-halving years 2013 and 2017, Bitcoin has an increase potential of up to 400,000 US dollars this year.

In September, the cryptocurrency’s 180-day volatility hit roughly its all-time low of October 2015. From this month’s average price, Bitcoin rose a little more than 50x to its peak in 2017.

McGlone does not want to commit to a time frame. But the analyst expects another ten-thousandth step by the half of the year:

A more likely scenario for Q2 is a break of the resistance at $ 60,000 and a rise towards $ 80,000. A backup towards the support at $ 40,000 is less likely in our opinion.

It is not only private investors who are eagerly awaiting the forecast rally. Above all, the miners benefit from the Bull Run. Loud Glassnode CTO Schultze-Kraft Miners raised $ 50 million in the past month – daily.