The bitcoin (BTC) rate on Friday, August 6, is holding around $ 40,800. During the day, the cryptocurrency tried to gain a foothold above $ 41,000, but it did not have enough support to hold positions.
Bloomberg strategist Mike McGlone recently stated that BTC has a realistic chance of repeating the spring run that saw its all-time high of $ 64,000.
Moreover, the same analyst claims that bitcoin is more prone to growth than a rollback to $ 20,000. The strategist expressed this point of view when the coin was trading below $ 35,000, and many observers predicted a further drop in its value.
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The Bloomberg team of analysts, which also includes Mike McGlone, published a report on the assessment of the situation in the cryptocurrency market at the end of this week. Investor sentiment has improved, which has already had a positive impact on criteria such as network activity and computing power.
The rally is expected to resume in the second half of 2021. Moreover, not only bitcoin will rise in price, but also other digital currencies.
McGlone and his team also touched on the prospects for Ether (ETH). According to the report, each network update will have a positive impact on the price of the asset. In parallel, we should expect an increase in the use of both Bitcoin and ETH.