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Market Musings

Bitcoin is a 'Caged Bull' That's Ready to Escape... and 2021 is 'Tame' Compared with 2017

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Published on:
April 12, 2021

It’s now been a month since Bitcoin last hit a record high.

Bitcoin is a 'Caged Bull' That's Ready to Escape... and 2021 is 'Tame' Compared with 2017

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Bitcoin is a caged bull that’s ready to escape, according to Mike McGlone.

 

In a tweet, the Bloomberg Intelligence analyst predicted that BTC remains a long way off any price plateau — arguing that the cryptocurrency is still in price discovery mode. He added:

“Bitcoin supply is declining and demand is rising, leading us to expect continued price appreciation and the establishment of a higher plateau as the crypto matures.”

McGlone went on to provide some historical analysis that looks at how Bitcoin has performed every year since 2011 — paying particularly close attention to post-halving years in 2013, 2017 and 2021. Based on what’s happened in the past, the analyst said that 2021 is proving rather tame, indicating that we could soon see a price explosion that makes $60,000 a distant memory.

 

Bitcoin Takes a Breather 

It’s now been a month since Bitcoin last hit a record high. Fittingly, the world’s biggest cryptocurrency raced to $61,683.86 on March 13 — one year and one day after a devastating flash crash.

 

A recurring theme in April has concerned Bitcoin’s dwindling dominance in the crypto markets. At the time of writing, BTC has just a 54.2% share of the total market cap — a level that hasn’t been seen for two years. By comparison, Bitcoin’s dominance was above 70% when the year began.

 

All of this comes as altcoins with a smaller market cap such as Binance Coin, XRP, Cardano, Polkadot and Uniswap explode in value, with some posting double-digit gains over the past seven days.

Author(s)

Connor Sephton

I cover the crazy world of crypto.

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