Bloomberg Analyst Gives Two Simple Reasons Why Bitcoin Is Poised To Test $13,000 Despite Current Bearishness

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Bloomberg Analyst Gives Two Simple Reasons Why Bitcoin Is Poised To Test $13,000 Despite Current Bearishness
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Bitcoin is currently far from a full-fledged bull market. Any attempt to move upward has been swiftly thwarted by the bears. The latest attempt was seen on Monday as the crypto climbed to $9,700, which was followed by a steep fluctuation.

The flagship crypto has been unable to break past $10,000 over the past couple of months. Yet, Bloomberg’s senior analyst Mike McGlone is still bullish on the asset. He expects BTC to hit $13,000 in the near-term. To justify his bullish forecast, he gives two key reasons: the low volatility and a key technical indicator that suggests a strong upside move is imminent. 

Mike McGlone: BTC Is Eyeing A Breakout To $13K

Bitcoin price has continued to show signs of immense weakness on Friday after failing to stage a meaningful rally. It is now hovering around the lower-$9k region – a loss of 1.51% over 24 hours – and the bears are threatening to take the price back to the $8ks.

Despite the overt bearishness, Mike McGlone took to Twitter today to share his bullish analysis. In his tweet, he first noted that BTC is staging a “caged bull set for a breakout.” Secondly, he pointed to the plummeting volatility which he claims implies BTC’s “maturation toward a digital version of gold.” 

He also shared a chart that shows that bitcoin is currently trading in a symmetrical wedge. Moreover, BTC’s 30-day volatility dipped below its 200-day simple moving average. As per the chart, BTC has historically experienced a major upward price action due to the 30-day volatility falling below the 200-day simple moving average.

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As for the symmetrical wedge pattern, it has in the past preceded an upsurge of over 100%. He sees BTC printing this pattern as an indication of a bullish breakout in the near future.

Not The Only Bull

Notably, Mike McGlone is not the only analyst who has illustrated a world where BTC shatters the multi-year resistance at $10,000 on its way higher.

Analyst MMCrypto recently said that the benchmark cryptocurrency is preparing for a significant upward impulse, according to the Market-Value-to-Realized-Value (MVRV) indicator.

Citing data provided by Santiment analytics firm, MMCrypto explained that when the 365-day MVRV moves above the 60-day MVRV, a massive bull market has always followed and this indicator just flashed again today.

If this analysis plays out, July could prove to be very promising for the BTC bulls. 


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The views expressed in the article are wholly those of the author and do not represent those of, nor should they be attributed to, ZyCrypto. This article is not meant to give financial advice. Please carry out your own research before investing in any of the various cryptocurrencies available.