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                        Contents
                        <ul class="article__contents-list"><li class="article__contents-item"><a class="article__contents-link link-pseudo" href="#h251">$9,300 or $10,000?</a></li><li class="article__contents-item"><a class="article__contents-link link-pseudo" href="#h399">A bullish year-end prediction </a></li></ul>
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    According to Bloomberg, the bulls have <a rel="nofollow" target="_blank" href="https://www.bloomberg.com/news/articles/2020-06-08/bitcoin-s-recent-rally-may-have-run-its-course-technicals-show?utm_medium=social&amp;utm_campaign=socialflow-organic&amp;utm_source=twitter&amp;utm_content=crypto">hit a snag</a> after an impressive&nbsp;rally that ultimately sent the price of Bitcoin to its three-month high of&nbsp;$10,428 on June 1.
    
    Its proprietary indicator shows that the top cryptocurrency is in the midst of forming ‘a selling pattern.’
    <em>image by&nbsp;<a rel="nofollow" target="_blank" href="https://www.bloomberg.com/news/articles/2020-06-08/bitcoin-s-recent-rally-may-have-run-its-course-technicals-show?utm_medium=social&amp;utm_campaign=socialflow-organic&amp;utm_source=twitter&amp;utm_content=crypto">bloomberg.com</a></em>
    <a rel="nofollow" target="_blank" href="#">card</a>
    
    $9,300 or $10,000?
    
    Meanwhile, cryptocurrency trader <a href="https://u.today/bitcoin-price-undergoing-bullish-consolidation-says-trader-scott-melker">Scott Melker</a> has outlined two scenarios of Bitcoin’s price action in the near future.
    
    If the BTC manages to decisively break out of the recently formed range by surging above $9,800, the bulls will be able to push the price above the key level of $10,000.
    <em>image by&nbsp;<a rel="nofollow" target="_blank" href="https://twitter.com/scottmelker/status/1270037708161900545">@scottmelker</a></em>
    Otherwise, the leading cryptocurrency could drop all the way to $9,300, and this will likely be followed by more downside.
    
    As predicted by Kraken Intelligence, the benchmark cryptocurrency <a href="https://u.today/bitcoin-price-could-plunge-to-6000-after-correction-kraken-intelligence">could collapse to $6,200</a> if it continues to get rejected at the pivotal&nbsp;resistance of a multi-year pennant.&nbsp; &nbsp; &nbsp;
    <a href="https://u.today/trader-henrik-zeberg-suggests-that-bitcoin-price-has-begun-its-monumental-crash-to-1760">card</a>
    
    A bullish year-end prediction&nbsp;
    
    Despite the gloomy short-term prediction, Bloomberg expects the bulls to gain the upper hand this year.&nbsp;&nbsp;
    
    In its monthly report called <a rel="nofollow" target="_blank" href="https://data.bloomberglp.com/professional/sites/10/Bloomberg-Indices-Outlook_Cryptos_June-2020.pdf">‘Bloomberg Crypto Outlook,’</a> the company’s commodity strategist Mike McGlone forecasted that the BTC price could skyrocket to a new all-time of $28,000 by the end of 2020.
    
    As <a href="https://u.today/bloombergs-analyst-we-expect-bitcoin-price-to-continue-appreciating">reported by U.Today</a>, McGlone recently tweeted that the top cryptocurrency was maturing into ‘a digital version of gold.’
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                        Contents
                        <ul class="article__contents-list"><li class="article__contents-item"><a class="article__contents-link link-pseudo" href="#h251">$9,300 or $10,000?</a></li><li class="article__contents-item"><a class="article__contents-link link-pseudo" href="#h399">A bullish year-end prediction </a></li></ul>
        Advertisement
        
            
        
        
            
                    
                
                                                
    
            
            
                    
                
                                                
    
            
        
    According to Bloomberg, the bulls have <a rel="nofollow" target="_blank" href="https://www.bloomberg.com/news/articles/2020-06-08/bitcoin-s-recent-rally-may-have-run-its-course-technicals-show?utm_medium=social&amp;utm_campaign=socialflow-organic&amp;utm_source=twitter&amp;utm_content=crypto">hit a snag</a> after an impressive&nbsp;rally that ultimately sent the price of Bitcoin to its three-month high of&nbsp;$10,428 on June 1.
    
    Its proprietary indicator shows that the top cryptocurrency is in the midst of forming ‘a selling pattern.’
    <em>image by&nbsp;<a rel="nofollow" target="_blank" href="https://www.bloomberg.com/news/articles/2020-06-08/bitcoin-s-recent-rally-may-have-run-its-course-technicals-show?utm_medium=social&amp;utm_campaign=socialflow-organic&amp;utm_source=twitter&amp;utm_content=crypto">bloomberg.com</a></em>
    <a rel="nofollow" target="_blank" href="#">card</a>
    
    $9,300 or $10,000?
    
    Meanwhile, cryptocurrency trader <a href="https://u.today/bitcoin-price-undergoing-bullish-consolidation-says-trader-scott-melker">Scott Melker</a> has outlined two scenarios of Bitcoin’s price action in the near future.
    
    If the BTC manages to decisively break out of the recently formed range by surging above $9,800, the bulls will be able to push the price above the key level of $10,000.
    <em>image by&nbsp;<a rel="nofollow" target="_blank" href="https://twitter.com/scottmelker/status/1270037708161900545">@scottmelker</a></em>
    Otherwise, the leading cryptocurrency could drop all the way to $9,300, and this will likely be followed by more downside.
    
    As predicted by Kraken Intelligence, the benchmark cryptocurrency <a href="https://u.today/bitcoin-price-could-plunge-to-6000-after-correction-kraken-intelligence">could collapse to $6,200</a> if it continues to get rejected at the pivotal&nbsp;resistance of a multi-year pennant.&nbsp; &nbsp; &nbsp;
    <a href="https://u.today/trader-henrik-zeberg-suggests-that-bitcoin-price-has-begun-its-monumental-crash-to-1760">card</a>
    
    A bullish year-end prediction&nbsp;
    
    Despite the gloomy short-term prediction, Bloomberg expects the bulls to gain the upper hand this year.&nbsp;&nbsp;
    
    In its monthly report called <a rel="nofollow" target="_blank" href="https://data.bloomberglp.com/professional/sites/10/Bloomberg-Indices-Outlook_Cryptos_June-2020.pdf">‘Bloomberg Crypto Outlook,’</a> the company’s commodity strategist Mike McGlone forecasted that the BTC price could skyrocket to a new all-time of $28,000 by the end of 2020.
    
    As <a href="https://u.today/bloombergs-analyst-we-expect-bitcoin-price-to-continue-appreciating">reported by U.Today</a>, McGlone recently tweeted that the top cryptocurrency was maturing into ‘a digital version of gold.’
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Bitcoin Price Forming New Selling Pattern, Bloomberg's Indicator Shows

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Mon, 8/06/2020 - 19:09
Bitcoin Price Forming New Selling Pattern, Bloomberg's Indicator Shows
Cover image via stock.adobe.com
Read U.TODAY on
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Contents
Advertisement

According to Bloomberg, the bulls have hit a snag after an impressive rally that ultimately sent the price of Bitcoin to its three-month high of $10,428 on June 1.

Its proprietary indicator shows that the top cryptocurrency is in the midst of forming ‘a selling pattern.’

Bitcoin Price
image by bloomberg.com

card

$9,300 or $10,000?

Meanwhile, cryptocurrency trader Scott Melker has outlined two scenarios of Bitcoin’s price action in the near future.

If the BTC manages to decisively break out of the recently formed range by surging above $9,800, the bulls will be able to push the price above the key level of $10,000.

Melker
image by @scottmelker

Otherwise, the leading cryptocurrency could drop all the way to $9,300, and this will likely be followed by more downside.

As predicted by Kraken Intelligence, the benchmark cryptocurrency could collapse to $6,200 if it continues to get rejected at the pivotal resistance of a multi-year pennant.     

A bullish year-end prediction 

Despite the gloomy short-term prediction, Bloomberg expects the bulls to gain the upper hand this year.  

In its monthly report called ‘Bloomberg Crypto Outlook,’ the company’s commodity strategist Mike McGlone forecasted that the BTC price could skyrocket to a new all-time of $28,000 by the end of 2020.

As reported by U.Today, McGlone recently tweeted that the top cryptocurrency was maturing into ‘a digital version of gold.’

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