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Just a day after Bloomberg analyst Mike McGlone called Bitcoin a “caged bull, well rested to escape”, the latter seemed to have happened. The bull finally broke out. And with Coinbase’s direct listing tomorrow, this is looking to be a HOT week for Bitcoin where we can expect to see a re-rating of cryptocurrencies altogether.
Today Bitcoin reached a new lifetime high of 62,839.52 according to CoinMarketCap data. This tops the previous high of $61,453 observed about a month ago. Currently the price of the leading cryptocurrency has given back some of its gains, and is trading at $62,395.93.
The rally comes after Bitcoin had been showing some serious strength in the recent weeks. The cryptocurrency was trading in a narrow range below $60,000.
Commenting on the display of strength, McGlone expects that the end of its current price run is nowhere near at $60,000.
According to the Bloomberg strategist, who eyed a declining BTC supply coupled with roaring demand from new investors, Bitcoin is far from reaching a cycle top, or ”plateau.”
“Still in Price-Discovery Mode, Bitcoin Plateau Appears Distant, 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,” he said while illustrating the matter with the below graph.
According to McGlone, 2021 remains “tame” in terms of price action when comparing it to the year after its two previous block subsidy halvings back in 2012 and 2016.
PlanB, an analyst well-known for his Stock-to-Flow model, immediately send out a Tweet, confirming all is going according to “the plan”