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.