08.04.202114:08 Forex Analysis & Reviews: Bloomberg: Bitcoin may approach the $ 80,000 mark by June

Long-term review

Exchange Rates 08.04.2021 analysis

Analysts from Bloomberg are giving Bitcoin an optimistic outlook again in their new report. According to them, the most capitalized coin will continue to strengthen and update its all-time high taken in March during the second quarter. Mike McGlone, who is a famous Bitcoin fan, is one of the authors of the report. Earlier, he predicted that the leading digital asset would cost $ 400,000 in the second half of 2021, provided that the scenarios of the 2013 and 2017 rallies were repeated.

Now, McGlone sees Bitcoin's growth potential in the medium term. He believes that with the strong support of institutional investors, Bitcoin has a chance to finally break through the resistance at the level of $60 thousand and start a rapid upward movement. The expert believes that the strengthened digital currency will be able to reach a new record of $80 thousand by June, and subsequently receive the status of the main reserve asset, replacing gold in this post. According to McGlone, Bitcoin will become a more attractive tool than the precious metal in the future.

However, BTC faces a completely different strategic task for now – to strengthen after a significant drop. It can be recalled that the coin has unsuccessfully tried to break through the $ 60 thousand mark recently, but it pulls back each time, not finding enough support. Yesterday, bitcoin lost about 1.85% of its value, and even earlier, by 3%. Nevertheless, the global cryptocurrency slightly rose on Thursday morning compared to yesterday's quotes. At the time of publication, Bitcoin's price reached the level of $56.9 thousand.

According to Denis Voskvitsov, CEO of Exantech, the impotence of bitcoin at the level of $ 60 thousand could cause a local correction. The last time such a trend was observed on the crypto market was when BTC was in the area of $ 45 thousand. Nevertheless, the expert assures that there is no reason to panic in the current conditions. It is possible that the bears will try to intensify the situation this time, but a repetition of the scenario of the previous significant pullbacks is still unlikely. Thus, Bitcoin will continue its upward trend in the near future.

Bloomberg analysts also believe that in the second quarter, Bitcoin's risks to return to $ 40 thousand are much less than to set a new record of $ 80 thousand. Earlier, the same maximum for the first cryptocurrency was called by the head of the CoinCorner exchange, Danny Scott. But unlike Mike McGlone, who is expecting BTC to soar in late May–early June, this expert believes that taking the mark of $80 thousand will happen this month. He supports his forecast with historical data: over the past 10 years, the price of Bitcoin has risen in April by an average of 50%.

Аlena Ivannitskaya,
Analytical expert
InstaForex Group © 2007-2021
Benefit from analysts’ recommendations right now
Top up trading account
Open trading account

InstaForex analytical reviews will make you fully aware of market trends! Being an InstaForex client, you are provided with a large number of free services for efficient trading.

Can't speak right now?
Ask your question in the chat.