Bitcoin falls below $58K as Bloomberg eyes $80K BTC price in Q2

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Bitcoin (BTC) reversed its recent gains and lost ground on the 6th. April 1.5%, as the Bulls were disappointed by the lack of signs of a historic attack.

1-hour candlestick chart of BTC/USD (Bitstamp). Source: View of the shop

Bitcoin falls below $58K as Bloomberg eyes $80K BTC price in Q2

Bitcoin is likely to break through $resistance at $60,000.

Cointelegraph Markets Pro and TradingView showed local lows of $57,340 on Tuesday after another failed attempt to break through $60,000 resistance.

Although BTC/USD is thousands of dollars away from its record high of $61,700, it has failed to permanently alienate sellers. As it thinned, the last vestige of resistance remained.

The slowdown in the bull market in 2020-2021 is alarming to some, but professional analysts remain firm in their optimistic estimates for the largest cryptocurrency.

Among them Bloomberg Intelligence, which predicted Tuesday that the second quarter will bring a further increase to $80,000 rather than a capitulation to $40,000.

The adoption of the cryptocurrency benchmark as a global reserve asset has crossed an important threshold, in our view, and the tide is rising in the market. According to a new report, this scenario has led the 2021 analysis to shift from a wide range of fundamental and intra-chain parameters to more technical ones in recent years.

A more likely Q2 scenario is a breakout of the $60,000 resistance and a move towards $80,000. Support at $40,000 is less likely in our opinion.

Mike McGlone, senior commodities strategist at Bloomberg and author of the report, is known as a bitcoin bull, and his views echo those of several analytical sources who put forward their own reasons for trusting the market.

He further noted that bitcoin is taking the place that gold used to take as a reserve asset. Precious metal will always have a place in jewelry and coin collections, he argued, but most indicators show bitcoin increasingly replacing metal as a store of value in investors’ portfolios.

Bitcoin’s fundamentals and technicals are improving, while gold’s are deteriorating, the report concluded.

Altcoin resurgence sees benefits

At the same time, altcoins may have celebrated even more than the average bitcoin investor that day, as cryptocurrencies posted strong weekly growth with a large account.

These include Ether (ETH), which reached a new all-time high of $2,150, and XRP, which broke through the $1 mark for the first time since 2018 before correcting.

Binance Coin, (BNB), the second largest altcoin by market capitalization, rose 3.4% to $388, posting a weekly gain of more than 33%.

Big Cap Altcoins are waking up, popular trader Rekt Capital has announced on Twitter.

The accompanying chart suggested that smaller altars would be at an advantage if the larger spaces became redundant. As Cointelegraph reports, altcoins are traditionally the best performers after bitcoin has spent a decent amount of time consolidating after a rise.

Bitcoin’s market dominance was 55.1% on the day, its lowest level since May 2019.

Graph of market dominance by cryptocurrencies. Source: CoinMarketCap

Bitcoin falls below $58K as Bloomberg eyes $80K BTC price in Q2

Related Tags:

bitcoin price futures,bitcoin pricing model,ethereum 2020 high,bitcoin price prediction,bitcoin consolidation 2021,bitcoin lengthening cycles,Privacy settings,How Search works,s2f bitcoin price prediction,bitcoin shortage

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