Bloomberg Intelligence commodity strategist Mike McGlone said that Bitcoin is ready for a major break and that the leading cryptocurrency is targeting $ 13,000 in the near term.
McGlone said he expects consolidation for weeks to end, as the volatility of Bitcoin stops at a level where major cuts tend to explode.
#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
Bitcoin (BTC) Can See $ 5,000
However, not all analysts see a big BTC rally on the horizon. Popular analyst TraderX0 suggested to Twitter to 40,000 followers that the historic price movement of BTC could fall to $ 5,000 before the leading cryptocurrency begins a new bull cycle.
$BTC – A scenario I believed that has a good probability of playing out since the start of June – (posting this again as I had nuked my timeline)
Still very much on the cards. pic.twitter.com/kKwZL9ePfw
— TraderXO (@TraderX0X0) June 26, 2020
Meanwhile, Ethereum is seeing a strong increase in both volume and daily active addresses (DAA). Crypto analytics firm Santiment says the metrics are on the rise for ETH in the long run. However, in the near term, Santiment said that the trading volume of the top 100 altcoins has increased by more than 20,000% since March 27, 2020, suggesting that a new peak for the ETH and altcoin market may be taking place.
However, cryptocurrency traders are concerned that Ethereum and XRP will face a huge sales wall resulting from the $ 2.9 billion PlusToken fraud.