Bitcoin is below $ 58,000 – Bloomberg’s second quarter forecast is 80,000

A disappointing move came in the Bitcoin (BTC) price as it expected an attack towards all-time highs with support from the bulls. As of April 6, the BTC / USD parity declined by 1.5 percent.

BTC / USD 1-hour candlestick chart (Bitstamp). Source: Tradingview

Bitcoin will “likely” crush $ 60,000 resistance

Cointelegraph Markets and TradingView data pointed to a local low of $ 57,340 on Tuesday after another failed attempt in the fight against the $ 60,000 resistance.

Thousands of dollars away from its all-time high of $ 61,700, the BTC / USD pair is still trying to stay strong by testing resistance.

Although the slowdown in the 2020-2021 bull market has worried some investors, professional analysts remain optimistic about the largest cryptocurrency.

Among them was Bloomberg Intelligence, who expects progress from $ 40,000 to $ 80,000 in his second quarter report, which he shared on Tuesday.

“The spread of cryptocurrencies and becoming a global reserve asset is becoming reality day by day. The mainstream is talking about it and the volatility is rising in the market. This scenario is the focus of our 2021 analysis,” the agency said.

“A more likely second quarter scenario is to overcome the $ 60,000 resistance and move towards $ 80,000. In our view, a decline towards the $ 40,000 support is less likely.”

Bloomberg senior commodity strategist Mike McGlone, who wrote the report, is known as one of the names waiting for a rise in Bitcoin price. His writing matches the data from various analytical sources of the market.

He stated that in terms of reserve assets, Bitcoin used to only take a share in the gold market. The precious metal “will always have a place in the jewelery and coin space,” the analyst said, “but most indicators are quickly replacing the metal as a store of value in Bitcoin’s investor portfolios.”

The report summarized “Bitcoin’s fundamental and technical data are improving as gold is getting worse.”

A wake-up call from the altcoin market

Meanwhile, large volumes of cryptocurrencies have enjoyed strong weekly growth. Most of the Altcoin options have earned much more compared to Bitcoin investors.

Among them are Ether (ETH), which achieved all-time highs around $ 2,150, and XRP to cross the $ 1 mark for the first time since 2018.

Binance Coin (BNB), the second largest altcoin by market value, increased by 3.4 percent to $ 388, with a weekly gain of over 33 percent.

Bitcoin market dominance dropped to 55.1 percent, its lowest level since May 2019.

Cryptocurrency market total value chart. Source: CoinMarketCap

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