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Mike McGlone of Bloomberg suggests BTC could bounce back towards $20,000

Mike McGlone of Bloomberg suggests BTC could bounce back towards $20,000

Quick Take

1 minute read

  • Over the past few weeks, bitcoin has been performing extremely well after surpassing the $18,000 key resistance level earlier this week. 
  • The leading coin has been able to spike to rarely seen highs and speaking on the future of the token, Mike McGlone, an intelligence strategist at Bloomberg has said that the bitcoin could bounce back and consolidate in price. 

Over the past few weeks, bitcoin has been performing extremely well after surpassing the $18,000 key resistance level earlier this week. The leading coin has been able to spike to rarely seen highs and speaking on the future of the token, Mike McGlone - an intelligence strategist that Bloomberg - has said that the bitcoin could bounce back and consolidate in price. 

Speaking in the interview with the same company, Mike said that short term, “$20,000 is pretty good resistance.“ 

He further said:

“I’m afraid it’s probably going to do what gold did. It got to $2,000, and then that’s been consolidating in a bull market since.”

Currently priced at $18,100 at the time of writing, bitcoin is on an exciting trajectory. McGlone believes that more excitement is on the way for the leading cryptocurrency over the next few years as he added:

“The key thing about Bitcoin this year is very simple — it just added a one to the front of the number. Remember, it was around $7,000 at the end of last year. What I’m worried about — if you look at the past performance, which is potentially indicative of the future, next year or two could add a zero to the back of the number.”

Before we finish though, it is worth mentioning that we are not financial advisors and this is not financial advice. Please do your own research before investing in a cryptocurrency.

 

For more news on this and other crypto updates, keep it with CryptoDaily!

© 2020 CryptoDaily All Rights Reserved. This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.

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