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

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Fri, 26/06/2020 - 14:16
Bloomberg Analyst Mike McGlone Says Bitcoin Price Eyeing $13,000 Resistance
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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. 

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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.       

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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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