Bitcoin (BTC) is a “caged bull,” and the end of its current price run is nowhere near $ 60,000, Bloomberg Intelligence said.
In a tweet on Monday, senior commodities strategist Mike McGlone gave his latest bullish verdict on the state of Bitcoin this month.
Analyst: 2021 bull market is “tame”
Bitcoin still has a long way to go before it hits a cycle peak or “plateau”, according to McGlone, who had his eye on declining BTC supply combined with increasing demand from new investors.
“The Bitcoin plateau is still in pricing mode and seems a long way off. Bitcoin supply is decreasing and demand is increasing. This lets us expect prices to continue rising and a higher plateau to be created as the crypto matures,” commented he.
In an accompanying table, Bitcoin was described as a “cage bull, well rested to escape”. It included Bollinger Bands for Bitcoin, a popular tool for assessing upward and downward volatility.
Compared to the year after the previous two halves of the block subsidies in 2012 and 2016, 2021 is “tame” for McGlone in terms of price movements.
This is in line with the perspectives of other analysts, including Ecoinometrics’ popular Twitter account, which on Monday reiterated how modest Bitcoin’s growth was after halving last year compared to previous cycles.
McGlone is a well-known Bitcoin fan who often expresses his enthusiasm for the growth of cryptocurrency based on various macro and on-chain metrics.
Galaxy moves into the Bitcoin ETF
At the time of writing, BTC / USD is hovering around $ 60,400 after support dipped briefly below $ 60,000 amid persistently troubled trading conditions.
The upcoming direct listing of Coinbase on the Nasdaq caused a stir among analysts. Altcoins also rose ahead of the launch this Wednesday.
Exchange coins, particularly Binance Coin (BNB), led gains, while the largest altcoin, ether (ETH), also hit historic all-time highs.
The total market cap for cryptocurrencies on that day was $ 2.087 trillion.
Among the institutions, the Crypto Merchant Bank Galaxy Digital was the youngest player to apply to set up an exchange-traded Bitcoin fund in the USA. Regulators don’t have to approve any of the nine proposals just yet, but the expectation is that they will finally do so after Canada beat the US in February.