Bloomberg analyst Mike McGlone suggests that Bitcoin is preparing for a major debut and may soon see $ 13,000.
Bitcoin has been trading at a certain interval for about four weeks. The largest cryptocurrency with its market value has been traded in the range of $ 8900 to $ 10400 since the beginning of June. The price is at the level of $ 9188, when the news goes live.
As volatility in Bitcoin is steadily decreasing, Bloomberg analyst Mike McGlone predicts that a strong upward trend may come soon.
Explaining that it is a matter of time before the price reaches 10 thousand dollars in December, the experienced analyst suggests that if Bitcoin comes out of the jammed range, its first target will be 13,000 dollars. McGlone talks about two pillars for this prediction. One of them is falling volatility, while the other is the formation of a wedge formation, which is considered as a sign of an increase. The 30-day volatility of the biggest cryptocurrency has dropped to levels not seen since last December, that is, for 6 months. Even more interesting, the 260-day volatility has been at its lowest point since April 2017.
On the other hand, McGlone points out that the Bollinger Bands are getting narrower. Emphasizing that a permanent move below the $ 6500 level where the lower band is located will override the bullish view, the analyst thinks that the decreasing price volatility is a factor that shows that Bitcoin has matured towards the digital version of gold.
A recent report by Bloomberg analysts claimed that Bitcoin could approach $ 20,000 or even see $ 28,000 this year.