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  4. $60K is now more likely for Bitcoin than $20K, Bloomberg's senior strategist asserts
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$60K is now more likely for Bitcoin than $20K, Bloomberg's senior strategist asserts

Bitcoin (BTC) has a better probability of recovering back to $60,000 than breaking below its current support level of $30,000 to target $20,000, believes Mike McGlone, senior...
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$60K is now more likely for Bitcoin than $20K, Bloomberg's senior strategist asserts $60K is now more likely for Bitcoin than $20K, Bloomberg's senior strategist asserts

Bitcoin (BTC) has a better probability of recovering back to $60,000 than breaking below its current support level of $30,000 to target $20,000, believes Mike McGlone, senior commodity strategist at Bloomberg Intelligence.

A screenshot from McGlone's latest analysis on the flagship cryptocurrency, first shared by Bloomberg senior ETF analyst Eric Balchunas, shows him comparing Bitcoin's ongoing price action with the "too-cold" period of the 2018–2019 trading session.

Bitcoin bear trends tend to exhaust after BTC price tests the 200-day simple moving average as resistance. Source: TradingView
Tether's appreciation against the U.S. dollar index and Chinese yuan. Source: Bloomberg Intelligence

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