Bloomberg Intelligence senior commodity strategist Mike McGlone has turned bullish on Bitcoin and says the leading cryptocurrency is now on track to set new highs.
In an interview on Bloomberg TV, McGlone says he changed his outlook once Bitcoin broke through $6,500.
“What you see here is a breakthrough through significant resistance. The market went through it like a hot knife through butter. It’s very rare. When I see that I think oh, this is a signal. The bear market and the major distribution started with the launch of futures, with distribution all built around $6,500. When Bitcoin broke through that, it basically says to me it’s gonna make new highs. And so it should go above $20,000, but the key thing is, where’s your definition of risk?
The key risk I think is getting back below $6,500. But it’s Bitcoin. Volatility, you’re supposed to expect that. The thing to remember here is $6,500 was supposed to be resistance… it held resistance for about six months. I expected that, but when it goes through like this, you have to readjust and say, ‘Uh-oh. It’s telling me something.'”
Bitcoin’s volatility is out in full force. Right now, the crypto market is a deep sea of double-digit red, with Bitcoin down 22.79%, according to COIN360.
Ethereum is down 18.43% at $286.37, XRP is down 15.96% at $0.4041 and Litecoin is down 15.56% at $114.55.
Technical analysts at large are recalibrating after Bitcoin’s wild moves in the past few days.
Bitcoinist – BTC experiences first major pullback in 41 days
Blockonomi – BTC corrects after huge bullish period
FXStreet – ETH/USD set for big bull flag retest
CoinCodex – $0.5 remains a psychological level for XRP bulls