The odds are on for a continuation to $40,000, Mike McGlone argues, but not everyone is so sure.

Bitcoin (cryptoprimacy.com/bitcoin-price-index” data-amp=”https://cointelegraph-com.cdn.ampproject.org/c/s/cryptoprimacy.com/bitcoin-price-index”>BTC) is “more likely” to hit $40,000 than $20,000, Bloomberg argues, as the largest cryptocurrency gains 6% in a day.

BTC/USD 1-hour candle chart (Bitstamp). Source: TradingView

McGlone eyes “enduring bull market bottom”

Data from cryptoprimacy.com/”>Cointelegraph Markets Pro and TradingView showed BTC/USD reclaiming the $35,000 mark amid new bullish forecasts from analysts.

In a tweet on Wednesday, Mike McGlone, senior commodity strategist at Bloomberg Intelligence, argued that Bitcoin would sooner see a return to $40,000 than its 2017 all-time highs of $20,000.

“Bitcoin Capitulation? $40,000 Appears More Likely Than $20,000,” he wrote.

“The June 8 Bitcoin plunge and revisit of lower-end-range support around $30,000 had many of the earmarks of extreme bearish sentiment typical of more enduring bull-market bottoms.”

McGlone highlighted Bitcoin meeting its 20-week moving average as providing similar bottom signals to March 2020 — the height of the coronavirus-induced market crash.

Moving averages continue to play a cryptoprimacy.com/news/bitcoin-price-due-for-break-below-30k-trader-warns-after-9-daily-loss” data-amp=”https://cointelegraph-com.cdn.ampproject.org/c/s/cryptoprimacy.com/news/bitcoin-price-due-for-break-below-30k-trader-warns-after-9-daily-loss/amp”>key part in concerns over where the BTC price is headed next.

BTC/USD vs. 20-week moving average chart. Source: Mike McGlone/Twitter

Bitcoin no longer “speculative crypto”

Bitcoin has been gaining on the back of news that El Salvador will be the first country in history to make it cryptoprimacy.com/news/el-salvador-president-bitcoin-law-will-be-approved-tonight” data-amp=”https://cointelegraph-com.cdn.ampproject.org/c/s/cryptoprimacy.com/news/el-salvador-president-bitcoin-law-will-be-approved-tonight/amp”>legal tender.

The move is a major counterpoint to the sea of “bad news” triggers that have come from various sources in recent days and weeks, including former United States President Donald Trump cryptoprimacy.com/news/trump-calls-bitcoin-a-scam-advocates-for-dollar-hegemony” data-amp=”https://cointelegraph-com.cdn.ampproject.org/c/s/cryptoprimacy.com/news/trump-calls-bitcoin-a-scam-advocates-for-dollar-hegemony/amp”>calling it a “scam.”

As Cointelegraph cryptoprimacy.com/news/bitcoin-price-targets-35k-bounce-level-on-el-salvador-legal-tender-milestone” data-amp=”https://cointelegraph-com.cdn.ampproject.org/c/s/cryptoprimacy.com/news/bitcoin-price-targets-35k-bounce-level-on-el-salvador-legal-tender-milestone/amp”>reported, many market participants still favor a return to bearish price action, such as a further retest of $30,000 or even lower.

For McGlone, however, the El Salvador announcement, which first surfaced at last week’s Miami conference, marks an unequivocal turning point.

“Woodstock-Like Bitcoin 2021 Miami Backs Mainstream-Adoption View: The June 3–5 Bitcoin 2021 conference further validated our view that Bitcoin has transitioned to a global digital-reserve asset and away from being a speculative crypto,” he tweeted on Tuesday.

At the time of writing, BTC/USD circled $35,000 still while so far not turning the level into reliable support.