Bitcoin is stuck in a "tame" post-halving scenario and has far to run before reaching its cycle peak, says the popular research outlet.
Bitcoin (BTC) is a "caged bull" and the end of its current price run is nowhere near at $60,000, says Bloomberg Intelligence.
In a tweet on April 12, senior commodity strategist Mike McGlone delivered his latest bullish verdict on the state of Bitcoin this month.
Analyst: 2021 bull market is "tame"
According to McGlone, who eyed a declining BTC supply coupled with roaring demand from new investors, Bitcoin has far to go before it reaches a cycle top, or "plateau."
"Still in Price-Discovery Mode, Bitcoin Plateau Appears Distant — Bitcoin supply is declining and demand is rising, leading us to expect continued price appreciation and the establishment of a higher plateau as the crypto matures," he commented.
BTC/USD with Bollinger Bands and 30-day moving average chart.