The relatively modest price forecast comes with Bitcoin in-band trading, giving altcoins an opportunity to outperform
Bitcoin (BTC) reversed its recent gains to lose 1.5% on April 6 as the bulls remained frustrated with no sign of an attack at the highest levels ever.
1 hour Bitcoin against the dollar candle chart (Bitstamp). Source: Trading View
Bitcoin is likely to crush the $ 60K resistance
Cointelegraph Professional Markets and Trading View showed local lows of $ 57,340 during Tuesday after another failed attempt to tackle the $ 60K resistance.
Despite being far from all-time highs of $ 61,700 in thousands of dollars, the Bitcoin pair has not been able to drive the sellers away forever. During the retreat, the last bundle of resistance remained in place.
This slowdown in the bull market 2020-2021 has worried some, but professional analysts have remained steadfast in their optimistic assessments of the largest cryptocurrency.
Among them was Bloomberg Intelligence, which on Tuesday forecast that the second quarter is likely to deliver another leap to $ 80,000 more than the investment move to $ 40,000.
“The adoption of the standard cryptocurrency as a global reserve asset has crossed the prevailing threshold, as we see it, and the market wave is rising. This scenario has turned the focal point of our 2021 analysis toward more technical indicators of a wider range of core and chain-related metrics in the past few years, ”says a new report.
Despite being far from all-time highs of $ 61,700 in thousands of dollars, the Bitcoin pair has not been able to drive the sellers away forever. During the retreat, the last bundle of resistance remained in place.
This slowdown in the bull market 2020-2021 has worried some, but professional analysts have remained steadfast in their optimistic assessments of the largest cryptocurrency.
Among them was Bloomberg Intelligence, which on Tuesday forecast that the second quarter is likely to deliver another leap to $ 80,000 more than the investment move to $ 40,000.
“The adoption of the standard cryptocurrency as a global reserve asset has crossed the prevailing threshold, as we see it, and the market wave is rising. This scenario has turned the focal point of our 2021 analysis toward more technical indicators of a wider range of core and chain-related metrics in the past few years, ”says a new report.
'The most likely scenario for the second quarter is to breach the $ 60,000 resistance and head towards $ 80,000. It is unlikely that there will be support of about 40 thousand dollars, in our view. '
Mike McGlone, Bloomberg's chief commodity strategist, who wrote the report, is known to be clouded by Bitcoin's rally, and his view chimes with the perspective of the various analysis resources that come with their own reasons for market confidence.
He has indicated that in terms of reserve assets, Bitcoin is usurped land that has been earmarked for gold. He added that the precious metal "will always have a place in jewelry and coin collections", "but most indicators point to the acceleration of Bitcoins replacing the metal as a store of value in the portfolios of investors."
The report summarized that "the fundamental and technical foundations of Bitcoin are improving while gold is declining."
He has indicated that in terms of reserve assets, Bitcoin is usurped land that has been earmarked for gold. He added that the precious metal "will always have a place in jewelry and coin collections", "but most indicators point to the acceleration of Bitcoins replacing the metal as a store of value in the portfolios of investors."
The report summarized that "the fundamental and technical foundations of Bitcoin are improving while gold is declining."
The revival of altcoins is gaining ground
Meanwhile, altcoins had a lot to celebrate more than the average Bitcoin investor of the day, as big-cap cryptocurrencies added strong weekly growth.
Among them were Ethereum (ETH), which had just hit an all-time high of around $ 2,150, and Ripple, which broke the $ 1 barrier for the first time since 2018 before the correction.
Binance Coin (BNB), the second largest altcoin by market cap, gained 3.4% to $ 388, with a weekly gain of more than 33%.
'The big-cap currencies are awakening,' popular Twitter trader Rect Capital announced.
The accompanying drawing suggested that the smaller altcoins would feel the benefit once the larger currencies outperformed. And as Cointelegraph reported, altcoins usually fare better once Bitcoin spends a decent amount of time in a consolidation phase after a bullish wave.
Bitcoin's market value dominance reached 55.1% on the day, its lowest level since May 2019.
Among them were Ethereum (ETH), which had just hit an all-time high of around $ 2,150, and Ripple, which broke the $ 1 barrier for the first time since 2018 before the correction.
Binance Coin (BNB), the second largest altcoin by market cap, gained 3.4% to $ 388, with a weekly gain of more than 33%.
'The big-cap currencies are awakening,' popular Twitter trader Rect Capital announced.
The accompanying drawing suggested that the smaller altcoins would feel the benefit once the larger currencies outperformed. And as Cointelegraph reported, altcoins usually fare better once Bitcoin spends a decent amount of time in a consolidation phase after a bullish wave.
Bitcoin's market value dominance reached 55.1% on the day, its lowest level since May 2019.
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