Bloomberg analyst: Bitcoin is ripe for a breakthrough to $ 13,000

Bloomberg Intelligence Commodity Chief Strategist Mike McGlone expects the first cryptocurrency price spike to resistance at $ 13,000.

#Bitcoin a Caged Bull Set for Breakout, Eying $13,000 Resistance —
The more disdain from bulls should be for the better, keeping the price tilted upward for the consolidating crypto. Declining Bitcoin volatility reflects maturation toward a digital version of gold. pic.twitter.com/2CqGEx95JS

— Mike McGlone (@mikemcglone11) June 26, 2020

In his opinion, this is indicated by a whole set of bullish signals.

“More neglect on the part of the bulls should be for the better, keeping the price upward for greater consolidation of the cryptocurrency,” he said.

McGlone added that the decline in bitcoin volatility reflects the maturation of the asset to the role of digital gold.

The technical outlook for commodity quotes, with the exception of gold, for the 2nd quarter, the analyst assessed as bearish.

Except for #gold, the technical outlook for #commodities remains downward, with elevated reversion risks from 2Q bear-market bounces. Negative prices likely bottomed WTI #crudeoil, but the swift recovery to $40 a barrel is more likely to revert to $30 than advance toward $50. pic.twitter.com/2LN2U2jkPQ

— Mike McGlone (@mikemcglone11) June 25, 2020

Earlier, the Bloomberg strategist announced the inevitability of a rise in the price of the leading cryptocurrency, which could exceed $ 20,000 by the end of the year.

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