BTC’s $ 50,000 resistance will become support by the end of the year, according to Bloomberg expert

Bitcoin (BTC) soaring above $ 50,000 this week is likely to continue into the fourth quarter. As resistance turns into support in the next phase of the bull market, according to a Bloomberg commodities expert, Mike McGlone.

On Tuesday, McGlone distributed the October 2021 issue of the Bloomberg Galaxy Crypto Index, which provided an overview of where digital assets could head over the rest of the year. In the report, McGlone speculated that Bitcoin’s $ 50,000 resistance, a level that has proven impenetrable since the May crash, was close to support.

“Bitcoin’s $ 50,000 resistance point from May appears poised to become the support value for cryptocurrencies in the fourth quarter of 2021.” He explained this, adding:

“We’re seeing the $ 40,000 mark rising from the $ 50,000 cryptocurrency mark on the 4th launchpad. “

BTC’s $ 50,000 resistance will become support by the end of the year, according to Bloomberg expert
BTC’s $ 50,000 resistance will become support by the end of the year, according to Bloomberg expert

The price of BTC soared to $ 55,000 this Wednesday as a clash of technical, fundamental and sentimental factors drove the cryptocurrency to its highs in several months. As Cointelegraph reported, Bitcoin is increasingly decoupling from the macroeconomic environment. A questionable example: BTC’s 9% surge on Wednesday came as the Dow Jones fell more than 200 points and the US dollar rose 0.4% against a list of competing currencies.

The McGlone report showed that Bitcoin continues to be lower compared to traditional stock indices like the Nasdaq. – Rising stocks should keep high beta bitcoin bullish, but if the stock market falls further stimulus will bolster digital reserve fund fundamentals, ”he said.

The report also had positive things to say about Ether (ETH) as DeFi, decentralized exchanges, and non-fungible tokens are rampant. As for the price of ether, McGlone has set a target of $ 5,000, arguing that the path of least resistance is higher.

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