Bloomberg Analyst Gives Two Simple Reasons Why Bitcoin Is Poised To Test $13,000 Despite Current Bearishness

Bloomberg Analyst Gives Two Simple Reasons Why Bitcoin Is Poised To Test $13,000 Despite Current Bearishness
фото показано с : zycrypto.com

2020-6-29 23:19

Bitcoin is currently far from a full-fledged bull market. Any attempt to move upward has been swiftly thwarted by the bears. The latest attempt was seen on Monday as the crypto climbed to $9,700, which was followed by a steep fluctuation.

The flagship crypto has been unable to break past $10,000 over the past couple of months. Yet, Bloomberg’s senior analyst Mike McGlone is still bullish on the asset. He expects BTC to hit $13,000 in the near-term. To justify his bullish forecast, he gives two key reasons: the low volatility and a key technical indicator that suggests a strong upside move is imminent. 

Mike McGlone: BTC Is Eyeing A Breakout To $13K

Bitcoin price has continued to show signs of immense weakness on Friday after failing to stage a meaningful rally. It is now hovering around the lower-$9k region – a loss of 1.51% over 24 hours – and the bears are threatening to take the price back to the $8ks.

Despite the overt bearishness, Mike McGlone took to Twitter today to share his bullish analysis. In his tweet, he first noted that BTC is staging a “caged bull set for a breakout.” Secondly, he pointed to the plummeting volatility which he claims implies BTC’s “maturation toward a digital version of gold.” 

He also shared a chart that shows that bitcoin is currently trading in a symmetrical wedge. Moreover, BTC’s 30-day volatility dipped below its 200-day simple moving average. As per the chart, BTC has historically experienced a major upward price action due to the 30-day volatility falling below the 200-day simple moving average.

As for the symmetrical wedge pattern, it has in the past preceded an upsurge of over 100%. He sees BTC printing this pattern as an indication of a bullish breakout in the near future.

#Bitcoin a Caged Bull Set for Breakout, Eying $13,000 Resistance —
The more disdain from bulls should be for the better, keeping the price tilted upward for the consolidating crypto. Declining Bitcoin volatility reflects maturation toward a digital version of gold. pic.twitter.com/2CqGEx95JS

— Mike McGlone (@mikemcglone11) June 26, 2020 Not The Only Bull

Notably, Mike McGlone is not the only analyst who has illustrated a world where BTC shatters the multi-year resistance at $10,000 on its way higher.

Analyst MMCrypto recently said that the benchmark cryptocurrency is preparing for a significant upward impulse, according to the Market-Value-to-Realized-Value (MVRV) indicator.

Citing data provided by Santiment analytics firm, MMCrypto explained that when the 365-day MVRV moves above the 60-day MVRV, a massive bull market has always followed and this indicator just flashed again today.

ALWAYS when this #Bitcoin signal flashed, we started a MASSIVE bull run!

And guess what: today it flashed again! pic.twitter.com/dDdu0WBEMW

— MMCrypto (@MMcrypto) June 26, 2020

If this analysis plays out, July could prove to be very promising for the BTC bulls. 

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bitcoin attempt bears latest thwarted swiftly seen

Источник: zycrypto.com

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