Bloomberg Analyst Mike McGlone Says Bitcoin Price Eyeing $13,000 Resistance

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Fri, 06/26/2020 - 14:16
Alex Dovbnya
Bitcoin is staging a ‘caged bull set for a breakout,’ according to Bloomberg’s senior commodity strategist Mike McGlone
Cover image via www.kitco.com
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In spite of Bitcoin’s underwhelming price performance, Bloomberg Intelligence’s senior commodity strategist Mike McGlone believes that there is a ‘caged bull set for a breakout,’ according to his new tweet.

The analyst is convinced that the bulls could soon face resistance at $13,000 after a major rally. 

image by @mikemcglone11

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The boat is getting shaky 

Throughout June, the Bitcoin boat has been on an even keel after a few very tumultuous months. 

As reported by U.Today, legendary hedge fund manager Bill Miller mentioned that Bitcoin was safer than at the high $9,000s.     

Every attempt to surpass $10,000 has so far been rejected this month, and this weakness is emboldening the bears to cause a storm.

The leading cryptocurrency dipped to an intraday low of 9,078 at 9:15 UTC on Bitstamp before recovering to its current level of $9,178.       

image by tradingview.com

McGlone believes that growing disdain from the bulls should ‘keep the price tilted upwards.’ 

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The Midas touch 

The commodity expert also pointed out that Bitcoin’s waning volatility reflects the maturation of digital gold.

Earlier, McGlone predicted that the flagship cryptocurrency could climb to $28,000, a new all-time high, by the end of the year. 

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About the author

Alex Dovbnya (aka AlexMorris) is a cryptocurrency expert, trader and journalist with extensive experience of covering everything related to the burgeoning industry — from price analysis to Blockchain disruption. Alex authored more than 1,000 stories for U.Today, CryptoComes and other fintech media outlets. He’s particularly interested in regulatory trends around the globe that are shaping the future of digital assets, can be contacted at alex.dovbnya@u.today.

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