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Bloomberg’s Bullish Bitcoin Report: Weak Hands Weeded Out




The Bitcoin bulls have cashed in the “40k” – are the “weak hands” now flushed out? A Bloomberg analyst is bullish on BTC and ETH. The market update.

On a bullish weekend, the Bitcoin price regained the USD 40,000 mark. At the time of going to press, the key cryptocurrency is trading at $ 43,460. This means that the BTC rate is almost 9 percent above the level on Monday last week. On a monthly basis, Bitcoin was able to increase by 28 percent. After an unsuccessful attempt to crack the 45,000 USD in the long term, BTC is now trading below the moving average of the past 200 days (MA200).

To improve the chances of a trip towards $ 50,000, the cops must first sustainably overcome the MA200. You can find out the course goals and support on the way there in the current BTC course analysis by Stefan Lübeck.

Bitcoin and Ethereum: Bloomberg bullish for second half of the year

In its monthly crypto report, Bloomberg-Market analyst Mike McGlone has an optimistic outlook for the crypto market, particularly for Bitcoin and Ethereum. Thereafter, the BTC rate is currently in a similar situation to the beginning of 2019.

Bitcoin appears to have built a base around $ 30,000 that is roughly similar to $ 4,000 in early 2019. We see performance parallels that could get the benchmark cryptocurrency back on track towards USD 100,000. The longest period under its 20-week moving average since 2018 and 19 suggests that the weak long positions have been weeded out in a persistent bull market.

The Bloomberg analyst sees signs that speak for a “discounted bull market”.





Bullish? Above: Bitcoin rate. Below: Deviation from MA (21). Source: TradingView

The prerequisites for further growth are still in place, continues McGlone. A decreasing supply contrasts with a growing demand. At least in states that “do not shy away from open discourse and the free market,” he says Bloomberg-Analyst with a swipe at China.

Ethereum

Ethereum, the second largest crypto network by market capitalization, is also coming in the current one Bloomberg Crypto Outlook well gone. The area of ​​decentralized financial services plays a central role in the bullish outlook in the Bloomberg-Report.

Ethereum is asserting itself against its competitors, and we believe that its rising status as a platform for the digitization of financial and monetary infrastructure should keep the price rising,

McGlone is optimistic.

The Ether course also attacked a psychologically important mark at USD 3,000 over the weekend, but was unable to defend it at the time of going to press. At the current rate of USD 2,941, ETH posted a minus of almost 6.5 percent in a 24-hour comparison. If McGlone is right, then $ 4,000 is already on the horizon. You can find out what it looks like from the point of view of chart analysis here.



Hasan Sheikh
Hasan, who loves technology and games, is studying Computer Engineering at Delhi JNU. He has been writing technology news since 2016.
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