The bitcoin rate (BTC) on Saturday, July 24, rose to $ 33,700. Over the past 24 hours, cryptocurrency capitalization has added about 4% more and reached $ 634.33 billion.
Bloomberg strategist Mike McGlone believes Bitcoin has a chance of a breakout. The likelihood of reaching the $ 60,000 mark is still higher than the risks of a pullback to $ 20,000.
The analyst compared the current market environment to a long phase of Bitcoin consolidation in 2019. Then the coin was able to hold on to fundamental values after the collapse of 2018. Then, for several months, bitcoin gathered strength and, after that, resumed its expansion.
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The Chinese government's crackdown on crypto traders and miners has contributed negatively to the trajectory of the market. However, they could not radically shake the situation. Investments in stablecoins began to grow, which indicates that investors are preparing to pump digital currencies and bitcoin in particular.
Although McGlone did not specify exactly when, in his opinion, market capitalization will begin to grow at a more confident pace.