Mike McGlone Airs His Thoughts on the BTC Adoption Race
Mike McGlone, a senior commodity strategist at Bloomberg Intelligence, revealed a report stating his own opinions concerning BTC and its related future adoption race framed within the cryptocurrency domain. His thoughts were directed at the rise in the value of the cryptocurrency in the year. The report focused immensely on two primary factors that aided Bitcoin in its parabolic rise between hurdles ranging between $9,000 to $10,000. The report stipulated these factors based on supply and store value. These were primarily based on the fixed supplies, and the second factor is the adoption of the store value that was regarded as a significant asset. It is based on his claims that the upsurge was approximated to increase by 2.5% this year, as it made, it was expected to reach “zero growth.”
The McGlone Report
Based on the analyst’s review, Bitcoin is the most significant cryptocurrency on a global scale, is expected to follow a continuous fall that is secured at hurdle support at $6,000, and a corresponding resisting upsurge of up to $10,000 support level, based on his volatility mentions of the digital currency.
Following his report on the BTC price levels, McGlone stated anticipation of the Bitcoin prices reaching heights of about $14,000 based on 2019 records. However, he claimed that it wouldn’t maintain the same position for a more extended period. His thoughts showed his beliefs that the value would assimilate ranges experienced in the prior year of 2019.
McGlone also made comparisons between Bitcoin and other cryptocurrencies where he elaborated on the stiff competition presented between these digital currency assets following their adoption in the market, and as a result, maintaining downside market prices trends. His insight on the matter was directed at illustrating the significant need for a swift increase in the supply of new coins to affirm the digital currency assets’ appreciation following the decline trends analyzed. It develops from the records made in 2019 that showed about 3,000 new cryptocurrencies in the digital market.
He also elaborated on the halting supply of new coins in late 2018, which tallied with at low levels on MVIS CryptoCompare Digital Assets 100 Small- Cap Index that covered 50 MVDA components. This index functions as a tracker for the general coin performances related to the smallest digital assets of 50 assets in the MVIS CryptoCompare Digital Assets 100 Index. It served as a primary benchmark of these small asset cryptos.