The bitcoin (BTC) exchange rate rose to $33,700 on Saturday, July 24. Over the past 24 hours, the capitalization of the cryptocurrency has added about 4% more and reached $634.33 billion.
Bloomberg strategist Mike McGlone believes that bitcoin retains the chances of a breakthrough. The probability of reaching the $60,000 mark is still higher than the risks of a rollback to $20,000.
The analyst compared the current situation on the market with the long phase of bitcoin consolidation in 2019. Then the coin was able to hold on to the fundamental values after the collapse of 2018. Then, for several months, bitcoin gathered its strength and after that resumed expansion.
The repression of the Chinese authorities against crypto traders and miners has made a negative contribution to the trajectory of the market. However, they could not radically shake the situation. Investments in stablecoins have begun to grow, which indicates that investors are preparing to pump up digital currencies and bitcoin, in particular.
Although McGlone did not specify exactly when, in his opinion, the market capitalization will begin to grow at a more confident pace.
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