Bloomberg remains optimistic about Bitcoin (BTC), as long as it remains above a key resistance level.
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The latest report from Bloomberg analyst Mike McGlone states that Bitcoin is consolidating. He speculates that due to decreased volatility, the price of Bitcoin Bollinger Bands is at its lowest point
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$6,500 – $13,000 a critical range
In his opinion, Bitcoin is preparing to break out of the $13,000 resistance level. At the same time, he believes it is critical that the price does not fall below $6,500:
„Our chart shows the 260-day moving average of the upward slope in the cryptosystems and bands that marked approximately the 2019 high and the 2020 low as a guide. According to this measure, when Bitcoin escapes from its cage, about $13,000 would be a good target for initial resistance. Staying below the lower band at approximately $6,500 would jeopardize the uptrend.
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Getting closer to gold
McGlone notes that Bitcoin’s volatility relative to the same index for gold is the lowest since the record high of 2017, and is well below average:
„Its 260-day volatility, at approximately 4.4 times the same index for gold, is the lowest since April 2017. The average is around 6.4 and the peak was 12.2 in 2011.
Recently, Bloomberg predicted that Immediate Edge could recover to its historic high of $20,000, even reaching a new high of $28,000.