Bitcoin dropped below $ 9,000, but analyst …
Bitcoin drops below $ 9,000, but Bloomberg analyst predicts consolidation above $ 10,000
Bloomberg Lead Commodity Analyst Mike McGlone Expects Bitcoin To Rise And Hold Above $ 10,000.
McGlone points to the growing number of active user addresses as a key reason for his position, as evidence of the ongoing proliferation of cryptocurrency..
“Record open interest in futures positions and growth in the volume of assets under the Grayscale Bitcoin Trust support the value of the digital version of gold and the continued movement of cryptocurrency in the same direction as the growing precious metal,” he adds..
On May 20, Grayscale reported the growth of the volume of assets under its management to a new record of $ 3.8 billion. Of this amount, over $ 3.3 billion are located in the GBTC bitcoin trust..
McGlone has noticeably changed his attitude towards Bitcoin lately. In December 2018, he predicted that the price of the leading cryptocurrency would drop to $ 1,500. Keith McCulloch, CEO of Hedgeye Risk Management, also known for skepticism about Bitcoin, writes this Thursday: “The trend remains bullish.”.
Bitcoin miners, meanwhile, continue to withdraw assets from pools, likely for sale, according to data from CryptoQuant. Over the past five days, churn has grown by 600% from 1,066 BTC to 7,426 BTC. A similar dynamics was observed during the week preceding the halving.
According to analysts, the growth in miners’ activity often coincides with the market reaching local minimums. Before the halving, for example, the price dropped by $ 1,200, after which it began to rise again.
The volume of bitcoins on exchanges also continues to decline. According to CryptoQuant, the 17 largest exchanges held 1.18M BTC on Wednesday, the lowest since November 2018. Then Bitcoin traded at local minimums of about $ 3,100.
Bitcoin this Thursday continued its decline started yesterday and fell below $ 9,000.
The volume of liquidations of positions on BitMEX during the last hour amounted to $ 25 million.
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