Bitcoin At $20K Could Be ‘New Bottom,’ Commodity Expert Suggests, And Here’s Why

Bitcoin has been increasingly in a shaky state and has dropped by as much as 50% compared to its previous all-time high. All eyes are on the crypto alpha dog, watching its next price movements. On the other hand, many market analysts believe that the drop in BTC trading value is a jumping board towards massive growth. As a matter of fact, Mike McGlone, Bloomberg Intelligence Senior Commodity Strategist, on his recent tweet, said that the crypto’s plunge is normal as the coin is still trying to get the hang of it as it faces a massive test. Suggested Reading | ‘Original Bitcoin’ Makes Surprise 24% Climb As Crypto Markets See Red Bitcoin Decline – An Unnecessary Evil? McGlone posted via Twitter saying: “$20,000 Bitcoin may be the new $5,000. The fundamental case of early days for the crypto’s adoption vs. diminishing supply may prevail as the price approaches too-cold levels. It makes sense that one of the best-performing assets in history would drop in 1H.” McGlone has always been extremely bullish about BTC believing that the king of cryptocurrency will regain its dominion and power as the most important crypto investment. In fact, the senior commodity strategist believes that once the market has stabilized, Bitcoin is set to outperform all other crypto assets. Bloomberg Intelligence Senior Commodity Strategist Mike McGlone. Image: Elevenews. Further, the finance experts states that BTC can’t be classifi...