tldr; Bloomberg Intelligence analyst Mike McGlone believes Bitcoin could be on track for "one of the greatest bull markets in history" based on a number of factors, or crypto could be a "failing experiment in the process of being made redundant." Bitcoin is nearing a "similar drawdown as the 2018 bottom," which was the end of a year-long bear market that saw the price plunge from around $19,000 to $3,200.
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