Bitcoin in ‘discounted bull market’ unlike stocks
Cryptocurrencies fell en masse along with Bitcoin during the Wednesday crash, which saw BTC/USD dip to $30,000 before recovering.
Altcoins then put in an awe-inspiring comeback, with some gaining in excess of 70% in under a day.
Mike McGlone, the research unit’s senior commodity strategist said, 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.”
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 halfway 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.