Bloomberg has published its “Crypto Outlook – June 2020 Edition” and in this edition it expresses a positive attitude towards Bitcoin. Many indicators suggest that the digital currency will reach a rate of 20000 USD this year. Meanwhile, the bulls are overcoming an important resistance on the way to the magic 10000 USD mark.
Bloomberg attests BTC further price increases
The authors assume that “the March blackout was an important test that Bitcoin passed without any problems. After the coronavirus pandemic spread across the globe, the BTC initially plunged below the important $5,000 mark. However, unlike traditional markets, the No.1 crypto currency managed a unique recovery. Only gold experienced a similar upward trend. “The same forces buoying gold support Bitcoin, yet the supply of the crypto is more constrained. Adoption, by default, is the primary Bitcoin metric, and our indicators remain positive“
Bitcoin to $20,000 this year?
According to Bloomberg, many indicators point to a sustained bull run in 2020: “This year is about increasingly favorable technical and fundamental underpinnings for Bitcoin, and less so for the broader crypto market, in our view. Bitcoin ended 2019 at about $7,000, near the bottom of its range, favoring a shift toward the peak. Last year, the high was about $14,000, which would translate into almost double in 2020.“
In the further course of the article, the authors argue that the rapid growth of tether and BTC futures trading could lead to greater adaptations. A lot would have to go wrong for the BTC to crash. In fact, at the moment, it looks like the cops can keep command. The USD 10,000 mark could drop in the coming hours.
At the time of writing, the market leader is quoted at USD 9755. After a prolonged attack, the bulls were able to crack the stubborn resistance at 9600 USD. On the way into the five-digit USD range, the trend line at 9800 USD now forms the final barrier. However, a low daily volume of around USD 25 billion argues against a quick breakthrough. On the way down, the trend line at 9600 USD now represents the new support area. However, the price drop on Tuesday has shown how volatile the market currently is. After briefly reaching its 4-month high, the BTC shot down by more than 1000 USD – in 15 minutes
Alts in top form
Ethereum and Co. conjure up a stake performance on the crypto parquet on Thursday as well. Tezos (+ 4.23 %), Crypto.com Coin (+ 4.69 %) and Hedge Trade (+ 22.53 %) are particularly convincing. The BTC Dominance Index remains at a value of 64.9 %.