Why a Bloomberg Analyst Thinks Bitcoin Is “Tilted” Towards Rallying Even Further

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Bitcoin’s rally has stalled after hitting $12,500 on Monday. As of this article’s writing, the price of the leading cryptocurrency is $11,800. This is $700 shy of the local high. The recent drop has scared some analysts, with some arguing that a drop towards the $10,000 is possible. Mike McGlone, the senior commodity analyst at Bloomberg Intelligence, says that Bitcoin remains poised to move higher, though. At Bloomberg, McGlone has closely tracked the cryptocurrency markets for months, releasing extensive reports on the subject matter. Bitcoin Is “Tilted” Towards Resuming Price Appreciation: Mike McGlone from Bloomberg Despite the recent retracement from the $12,500 high, Bitcoin remains tilted towards resuming price appreciation, Bloomberg’s Mike McGlone commented on August 20th. Referencing the chart below, he wrote that the volatility of Bitcoin in comparison to gold suggests BTC is “tilted toward resuming appreciation”: “Stuck between 3-9x over the past few years, the price of…

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