This week’s price dip showed that cryptocurrency has “entered the mainstream,” says analyst Mike McGlone, and the future is likely “tilted in its favor.”
Bitcoin (BTC) and altcoins have “entered the mainstream” after this week’s price dip and will become stronger as a result, says Bloomberg Intelligence.
In a tweet on May 21, Mike McGlone, the research unit’s senior commodity strategist, described Bitcoin as being in a “discounted bull market.”
Bitcoin now has “key advantage” over stocks
Cryptocurrencies fell en masse along with Bitcoin during the May 19 crash which saw BTC/USD dip to $30,000 before recovering.
As Cointelegraph reported, altcoins then put in an awe-inspiring comeback, with some gaining in excess of 70% in under a day.
For McGlone, the bull market is still on, with the dip ensuring that tokens are now a steal at current prices.
“Bitcoin’s Advantage vs. Equities: A Discounted Bull Market,” he summarized.
“The May 19 decline of virtually all assets on the back of Bitcoin showed the crypto has entered the mainstream, with potential outcomes tilted in its favor, in our view.”
He highlighted advantageous volatility versus traditional stocks, along with a chart that suggested Bitcoin “may have passed the correction test.”
The bottom is in, not the top
McGlone is not alone in considering the broader market trend to be intact after the week’s volatility. Earlier, Cointelegraph noted statistician Willy Woo’s estimate that Bitcoin is only half way through its current bull cycle.
Woo was in turn joined by PlanB, creator of the stock-to-flow family of Bitcoin price models, who in an appearance on the Wolf of all Streets Podcast likewise guessed at the bull market being 50% complete.
“Both models show that we’re certainly not at the end of the cycle,” he told host Scott Melker.
“We still have some room to go until $100,000 on average or $288,000 on average if you follow the stock-to-flow X model.”
The comments were made last week, before the price dip, with PlanB since sticking to his perspective on the market.
“Not Tweeting about BTC for a while,” veteran trader Peter Brandt added.
“But hint: Market bottomed yesterday.”