Bloomberg Intelligence Chief Commodities Strategist Mike McGlone believes restrictive measures China's anti-bitcoin governments only highlight the asset's revolutionary value despite increased volatility.
On his Twitter account, McGlone tweeted that bitcoin is showing signs of maturity amid difficulties and stabilizing at $ 32,000 after the fall.
He noted that Bitcoin price correction at the beginning of the week was short-term in nature and created the basis for long-term benefits... He also recalled his forecast that in the coming years the asset will cost more than $ 100,000.
“Short-term bitcoin pain is typical of potential long-term gains:
Probing $ 30,000 is more of a questionmore sustained maturation within a long-term price trend than a signal that bitcoin is facing dark days. China's crackdown confirms bitcoin's revolutionary value. "
Shorter-Term #Bitcoin Pain Typical for Potential Longer-Term Gain:
Probing $ 30,000 is more a matter of supportivematuration within a longer-term pricing uptrend than a signal that Bitcoin is destined for dark days. China's crackdown confirm Bitcoin's revolutionary value pic.twitter.com/qQM1GSNZJz
- Mike McGlone (@ mikemcglone11) July 21, 2021
Bitcoin has kept its level in recent weekssupport above $ 30,000, but this Monday it slipped into the $ 29,000 range, which intensified the panic in the market. On Thursday, the main cryptocurrency recovered to the level of $ 32,000.
According to McGlone, testing $ 30,000 was necessary for bitcoin to "maintain maturation", which would subsequently lead it to a long-term uptrend.
The expert believes that the migration of miners from Chinawill lead to the decentralization of operations that were previously concentrated in China. The data shows that after the overclocking of miners, bitcoin mining has become more affordable and profitable, due to a record drop in network complexity. The Asian market remains optimistic despite the tough measures.
Where is it more profitable to buy bitcoin? TOP-5 exchanges
For a safe and convenient purchase of cryptocurrencies with a minimum commission, we have prepared a rating of the most reliable and popular cryptocurrency exchanges that support deposit and withdrawal of funds in rubles, hryvnias, dollars and euros.
Site reliability is primarily determined bytrading volume and number of users. By all key metrics, Binance is the largest cryptocurrency exchange in the world. Binance is also the most popular cryptocurrency exchange in Russia and the CIS, since it has the largest turnover of funds and supports transfers in rubles from bank cards Visa / MasterCard and payment systems QIWI, Advcash, Payeer.
Especially for beginners, we have prepared a detailed guide: How to buy bitcoin on a crypto exchange for rubles?
Rating of cryptocurrency exchanges:
|1||Binance (Editor's Choice)||https://binance.com||9.7|
The criteria by which the rating is set in our rating of crypto-exchanges:
- Work reliability - stability of access to all platform functions, including uninterrupted trading, deposit and withdrawal of funds, as well as the period of work on the market and the daily trading volume.
- Commissions - the size of the commission for trading operations within the site and the withdrawal of assets.
- Feedback and support - we analyze user reviews and the quality of technical support.
- Convenience of the interface - we evaluate the functionality and intuitiveness of the interface, possible errors and failures when working with the exchange.
- Platform features - availability of additional features - futures, options, staking, etc.
- final grade - the average number of points for all indicators, determines the place in the rating.
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