Bloomberg’s Leading Commodities Expert Shares Another Bitcoin Bullish Prediction
Chief commodity strategist Mike McGlone has taken to Twitter to announce another piece of analytics data that is bullish for Bitcoin long-term. However, the expert has also tweeted that it is likely that Bitcoin has not bottomed yet.
Bitcoin shows divergent strength
According to the recent tweet posted by McGlone, Bitcoin may not have bottomed yet because the US stock market has not. However, unlike stocks, Bitcoin seems to show divergent strength as it gradually matures into becoming the global digital collateral.
McGlone stressed that Bitcoin is likely to come out even despite the majority of traditional assets this year facing strong deflationary forces from the excesses of last year.
The chart published in the tweet shows Bitcoin showing divergent strength against the Nasdaq.
Earlier this month, McGlone tweeted that the current decline of the stock market may prevent the Fed from raising the interest rate in March and is likely to enhance store-of-value assets like Bitcoin and gold.
Overall, Bloomberg’s chief commodities expert is bullish on the flagship cryptocurrency, repeatedly tweeting that it will hit $100,000 in the near future.
“Drop in Tether address activity is bullish for Bitcoin”
According to a tweet posted by on-chain data vendor Santiment earlier today, a Bitcoin indicator is poised to go up in price. This is a strong decline of USDT address activity, the company’s analytics team has tweeted.
The daily activity volume of Tether wallets has fallen to its lowest level in two years. The decline began to occur gradually after Bitcoin hit an all-time high of $69,000 in November last year.
Santiment says that from the previous analytics data it has processed, once the amount of USDT transactions begins to diminish, the Bitcoin price begins to rise.
JP Morgan predicts BTC will hit $150,000
Earlier, U.Today reported that US banking giant JP Morgan had raised its long-term price target for leading digital currency Bitcoin to $150,000. This was only a small increase from last year’s forecast of $146,000, however.
In order to get at this target, JP Morgan analysts commented, Bitcoin market cap needs to level with the amount of private investment in gold, which now totals roughly $2.7 trillion. For comparison, Bitcoin’s market cap reached a peak of $1.3 trillion in mid-November of last year.
Overall, JP Morgan experts believe that Bitcoin is currently overvalued and its exchange rate against USD on spot exchanges should be around 13% lower, or around $38,000.
