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 (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.

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.


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