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While Bitcoin saw a 10% jump this week, rallying from the multi-month lows of $6,400 to surge as high as $7,300, there is still a sentiment in the cryptocurrency market that a return to the $6,000s, then a drop to the $5,000s is entirely feasible. For instance, cryptocurrency trader Mac remarked that $5,100 — 30% lower than current prices — will be the ultimate bottom of the bearish move that has formed. He looked to a confluence of price levels: the double-month volume-weighted average price, a “price inefficiency fill” level, and the 200-week moving average. This was followed by Bitcoin analyst Jacob Canfield, who as reported by NewsBTC previously, said that he thinks BTC is not yet near a macro bottom. He thus remarked that the cryptocurrency is likely to see a 20% drawdown from the current level of $6,900 to $5,500, for there is where the 0.786 Fibonacci Retracement of the rally from $3,100 to $14,000 lies. Despite these analyses, a Bloomberg Intelligence strategist has asserted that Bitcoin has a higher likelihood of surging to $10,000 than retracing all the way to the $5,000s. Here’s why. Mike McGlone, the senior commodities strategist for Bloomberg Intelligence, recently made the assertion that Bitcoin has a higher likelihood of surging 40% to $10,000 than falling by 30% to $5,000 in 2020, arguing that BTC is entering a consolidating bull market phase, marked by a tightening in moving averages. As to why he has made this assertion, McGlone mentioned in his December Crypto Outlook report for Bloomberg Professional subscribers that there are a variety of bullish factors that have a good likelihood of boost BTC higher. They are as follows.
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Bloomberg Analyst Bitcoin More Likely to Hit $10,000 Than Fall 30%:
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