- Mike McGlone of Bloomberg Intelligence is bullish on Bitcoin despite short-term charts.
- Analysts believe Bitcoin price has successfully retested its 200-day Moving Average as support, ready for a massive rally.
- A key indicator of previous Bitcoin price rallies entered the “green zone,” implying the start of a prolonged bullish phase for the asset.
Bloomberg Intelligence strategists are eyeing a potential Bitcoin bull run in the second half of 2022, according to Mike McGlone. Several indicators that predicted previous Bitcoin price rallies had hit similar levels as seen before a bull run begins.
Also read: This bullish chart pattern signals Bitcoin price rally to $48,000 is imminent
Bitcoin will outperform most assets in H2 2022, argue analysts
As analysts eye the potential performance of Bitcoin over the next six months of 2022, strategists at Bloomberg Intelligence do not doubt that BTC is ready for a price rally. Irrespective of short-term price action, Mike McGlone is bullish on Bitcoin price. Bitcoin is still on track to deliver nearly 20% gains in July 2022. This is a stark contrast throughout 2022.
Analysts note that Bitcoin’s breakout to six-week highs on July 21 is the precursor and predict a breakout in the asset. In its monthly close, analysts identified the Bart Simpson formation, a short-term chart pattern that indicates a sharp price rally in Bitcoin.
Based on on-chain data, Bitcoin is currently in the accumulation phase, and indicators like market value to realized value (MVRV) and long-term moving average crossovers signals are positive signs for a rally in the asset.
Analysts consider the Puell Multiple a signal that Bitcoin is currently undervalued. Puell Multiple is an indicator that tracks the number of Bitcoins sold by miners in relation to the asset’s fair valuation.
Puell Multiple dropped below 0.5 and entered the green zone, an indicator of previous Bitcoin price rallies. Analysts at Blockware Intelligence commented,
entering the green zone is a good time to average in.
Analysts identified Bitcoin is on a bullish streak
Analysts at FXStreet evaluated the Bitcoin price trend and predicted a rally in the asset. For key price levels and information, check the video below:
Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers. The author will not be held responsible for information that is found at the end of links posted on this page.
If not otherwise explicitly mentioned in the body of the article, at the time of writing, the author has no position in any stock mentioned in this article and no business relationship with any company mentioned. The author has not received compensation for writing this article, other than from FXStreet.
FXStreet and the author do not provide personalized recommendations. The author makes no representations as to the accuracy, completeness, or suitability of this information. FXStreet and the author will not be liable for any errors, omissions or any losses, injuries or damages arising from this information and its display or use. Errors and omissions excepted.
The author and FXStreet are not registered investment advisors and nothing in this article is intended to be investment advice.
Recommended Content
Editors’ Picks
Bitcoin Weekly Forecast: BTC remains calm before a storm
Bitcoin price has been consolidating between $85,000 and $88,000 this week, approaching the lower boundary of the consolidation range when writing on Friday. A K33 Research report explains how the markets are relatively calm and shaping up for volatility as investors absorb the tariff announcements.
Donald Trump’s tariff policies set to increase market uncertainty and risk-off sentiment
US President Donald Trump’s tariff policies are expected to escalate market uncertainty and risk-off sentiment, with the Kobeissi Letter’s post on X this week cautioning that while markets may view the April 2 tariffs as the "end of uncertainty," it anticipates increased volatility.
Ethereum Price Forecast: Whales increase buying pressure as developers set April 30 for Pectra mainnet upgrade
Ethereum developers tentatively scheduled the Pectra mainnet upgrade for April 30 in the latest ACDC call. Whales have stepped up their buying pressure in hopes of a price uptick upon Pectra going live on mainnet.
BTC stabilizes while ETH and XRP show weakness
Bitcoin price stabilizes at around $87,000 on Friday, as its RSI indicates indecisiveness among traders. However, Ethereum and Ripple show signs of weakness as they face resistance around their key levels and face a pullback this week.
Bitcoin: BTC remains calm before a storm
Bitcoin (BTC) price has been consolidating between $85,000 and $88,000 this week, approaching the lower boundary of the consolidation range when writing on Friday.
The Best brokers to trade EUR/USD
SPONSORED Discover the top brokers for trading EUR/USD in 2025. Our list features brokers with competitive spreads, fast execution, and powerful platforms. Whether you're a beginner or an expert, find the right partner to navigate the dynamic Forex market.