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Bitcoin has a better probability of recovering back to $60,000 than breaking below its current support level of $30,000 to target $20,000, believes Mike McGlone, senior commodity strategist at Bloomberg Intelligence.
McGlone, who’s known for his previous bullish calls on Bitcoin, noted that BTC, which has been consolidating near $30,000 since May, could post a similarly surprising rally while aiming to hit a refreshed resistance target near $60,000.
“The more tactical-trading-oriented bears seem to proliferate when Bitcoin sustains at about 30% threshold below its 20-week moving average, allowing the buy-and-hold types time to accumulate,” the strategist wrote.
In other trending Crypto News today:
Macro analyst and Real Vision CEO Raoul Pal says the clearest bet in the crypto space right now is on Ethereum.
The former Goldman Sachs fund manager tells Camila Russo in a new interview on The Defiant that ETH currently offers the best risk-to-reward ratio.
“If you can only own one asset over the next 12 months, what would it be? It would be Ethereum. Because it’s the least risky with the highest rewards.”
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DISCLAIMER: This is NOT financial advice. The views and opinions expressed in this video are just opinions, nothing more. Trading is very risky, especially when trading with leverage. Seek financial advice from a professional and trade at your own risk because I am not responsible for any investment decisions that you choose to make.
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