Opinion: Bitcoin prices will stay in the range of 8000-20000 US dollars for a long time

On August 21st, Bloomberg Intelligence analyst Mike McGlone said in an interview recently that bitcoin "accuracy is almost certain" will reach a new low. He claims that the lowest point of the 180-day volatility of Bitcoin in October 2015 was about 40%; with the launch of platforms such as Bakkt, and all companies and individuals involved in the industry, this means more liquidity – Volatility will continue to fall. With this in mind, McGlone believes that with a key support at $8,000 and a strong resistance at $20,000, Bitcoin may stay "infinitely" in this range, which will make Bitcoin more like gold. To further support its view that "cryptocurrency is unlikely to break out," McGlone said that the fundamentals on the bitcoin chain, including active addresses, daily transaction volumes, fees, etc., have begun to diminish, just as they did before the 2018 bear market. . McGlone concluded that he believes that the price of Bitcoin is entering "a long hibernation."