您现在的位置是:Bullish fundamentals are Bitcoin's way out of range trading >>正文
Bullish fundamentals are Bitcoin's way out of range trading
上海品茶网 - 夜上海最新论坛社区 - 上海千花论坛1132人已围观
简介McGlone based his projection on the law of demand and supplyHe also posited that Bitcoin could be ca...
- McGlone based his projection on the law of demand and supply
- He also posited that Bitcoin could be carving a bottom at $30k
The two leading cryptocurrencies, Bitcoin and Ethereum, are poised to surge if they escape the persistent range-bound trading, according to Bloomberg's Mike McGlone. McGlone argues that the former will get out of the current market slump on 'bullish fundamentals.'
In a tweet shared today, he forecasted that the value of the two crypto assets will potentially rocket, citing the law of demand and supply.
"What Ends #Bitcoin, #Ethereum Range Trade? Bullish Fundamentals – By the rules of economics, a market with rising demand and declining supply will go up over time, suggesting that Bitcoin may be forming a bottom again around $30,000 as $60,000 resistance ages,"the Bloomberg commodity strategist wrote.
Image Source: Twitter
McGlone's argument on Bitcoin rhymes with the BTC price movement between Q1 and Q4 last year.
Towards the end of Q2 (June), the pioneer cryptocurrency saw heavy losses, with its price against the dollar sinking from $35,700 to below $29,000 in four weeks. After posting this low, the coin embarked on a steady rally notching $42,000 in another four weeks. By the end of August, Bitcoin has closed in on $50,000.
Though the market witnessed a pullback in September, the flagship crypto still marched to a November all-time high of around $69,000. McGlone predicts that Bitcoin's bottom this time will be at $30,000, after which it will see an upside break.
Ethereum crashes toward $2,300 level
Market losses of approximately 6.50% over the past 24 hours have pushed Ether's price below $2,330. The native coin on Ethereum is exchanging hands at $2,325.30 – down over 25% in the last 7-days. Bitcoin is also feeling the latest blow from the Federal Reserve. It has plunged by about 2.85% on the day and has lost support at $36,000 in the past hour.
Tags:
转载:欢迎各位朋友分享到网络,但转载请说明文章出处“上海品茶网 - 夜上海最新论坛社区 - 上海千花论坛”。http://www.jz08.com.cn/news/7457.html
相关文章
ChangeNow honours DOGE prices
Bullish fundamentals are Bitcoin's way out of range tradingCryptocurrency exchange ChangeNow made an unprecedented move by honouring the original prices of fro...
阅读更多
Ubisoft’s CEO says the company is still researching NFTs and web3
Bullish fundamentals are Bitcoin's way out of range tradingFrench gaming company Ubisoft has revealed that it is still in research mode regarding web3 and nonf...
阅读更多
Here’s why MultiversX (EGLD) price just jumped
Bullish fundamentals are Bitcoin's way out of range tradingMultiversX price jumped sharply on Thursday.This happened after Upbit listed the coin in its ecosyst...
阅读更多
热门文章
- Peter Thiel Leads Bitpanda’s Investment Raising $52 Million
- Bitcoin Cash (BCH) breaks $300 following endorsement
- More $4 billion worth of Bitcoin and Ethereum has been absorbed into DeFi so far.
- Will Janet Yellen help or hurt the crypto sector?
- BSV/USD Price Poised For An Upside To $180
- How bullish is Cardano ahead of the Vasil upgrade?
最新文章
Prime Trust partners tZERO on crypto services
CME ETH Volume Passes $30m On First Trading Day
Janet Yellen labels cryptocurrencies a concern
MicroStrategy is working on enterprise applications of Lightning
Crypto price prediction: HBAR, Celo, Injective Protocol
CEX.IO named Most Trusted crypto exchange platform by IBM