Bitcoin has reached the necessary level to resume its bullish rally. Bloomberg Research Report AuthorCrypto Outlook analyst Mike McGlone believesthat in the second half of this year there will be a decrease in the price of oil and, at the same time, an increase in the cost of bitcoin and gold. In his opinion, the cryptocurrency is ready to resume growth towards $ 100,000.
He emphasizes that the popularity of severalBitcoin ETF in Canada demonstrates a change in sentiment among institutional investors in favor of cryptocurrency number 1, and also leads to the fact that more and more such investors are starting to apply to the US Securities and Exchange Commission (SEC) for the launch of similar financial products and USA.
Constant decline in rates of return onThe 30-year US debt securities (from 2.415% on May 12 to 1.89% on July 8) are seen as a sign that such instruments are becoming less competitive in terms of return on investment than Bitcoin and gold.
"Bitcoin is ready to return to the channel of the bullish trend, and crude oil is ready to resume the bearish trend in the second half of the year"- wrote McGlone on Twitter.
However, when exactly can bitcoin resumegrowth remains unknown. Nevertheless, McGlone is confident that this time the growth of the cryptocurrency will "have serious macroeconomic consequences." For example, a Bloomberg analyst believes that bitcoin has become a rapidly evolving technology that reflects deflation.
Comparing the behavior of Wall Street indices and pricesBitcoin, the analyst draws attention to the fact that if Bitcoin went from historical highs in mid-April to a correction of more than 50%, then on July 7 the S&P 500 and Nasdaq reached historical highs. McGlone believes Bitcoin will catch up in the second half of this year and has more upside potential than stocks traded on Wall Street.
McGlone predicts not for the first timecryptocurrency surge. For example, in early February of this year, he announced that the volatility of bitcoin could increase the gap between the price of cryptocurrency and gold "hundreds of times."
The essence of this trajectory, according to the analyst, isis that bitcoin holds the target to be near the price mark, which is 100 times the value of a troy ounce of gold. Currently, a troy ounce of gold is trading around the $ 1.8 thousand mark.
At the same time, the largest in terms of capitalization plays into the hands ofthe volatility of many altcoins can play a role in cryptocurrency. According to analysts at Bloomberg Intelligence, altcoins, to a large extent, develop due to speculation. Moreover, the fall of minor digital currencies could strengthen the position of the main cryptocurrency in the status of "reserve currency", McGlone believes.
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 deposits and withdrawals of funds inrubles, hryvnias, dollars and euros.
The reliability of the site is primarily determinedtrading volume and number of users. By all key metrics, the largest cryptocurrency exchange in the world is Binance. Binance is also the most popular crypto exchange in Russia and the CIS, since it has the largest cash turnover and supports transfers in rubles from bank cardsVisa / MasterCardand payment systemsQIWI, 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:
| # | Exchange: | Website: | Rating: |
|---|---|---|---|
| 1 | Binance (Editor's Choice) | https://binance.com | 9.7 |
| 2 | Bybit | https://bybit.com | 7.5 |
| 3 | OKEx | https://okex.com | 7.1 |
| 4 | Exmo | https://exmo.me | 6.9 |
| 5 | Huobi | https://huobi.com | 6.5 |
The criteria by which the rating is set in our rating of crypto-exchanges:
- Work reliability— stability of access to all functions of the platform, including uninterrupted trading, deposits and withdrawals of funds, as well as the duration of the market and daily trading volume.
- Commissions– the amount of commission for trading operations within the platform and 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 ranking.
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