In the October edition of the Bloomberg Crypto Outlook, Mr. McGlone, an adept Bloomberg Intelligence market analyst, noted that BTC is likely to continue to grow in value as more people and industries adopt it. This is something Bitcoin has been consistent with since its creation. However, it appears that this rise will happen at a slower pace this time around, most likely because the Bitcoin market will experience a slowdown in capital infusion.
Meanwhile, McGlone also stated that the specific factor that’ll trigger the cryptocurrency’s rally to the said highs is still unknown. However, what is known is that the demand vs. supply metrics of BTC remain strongly price-positive.
It was also noted that as long as Bitcoin follows its historic price action coupled with a tinge of maturation, it should take double the time in the past (2025) to add another zero to its current value.
Finally, in the analysis, the Bloomberg strategist predicted that Bitcoin could hit the $14,000 mark by the end of the year.
Key BTC Levels to Watch in the Near-Term
Bitcoin has reacted perfectly to our technical projections from a recent analysis. The cryptocurrency has retraced dramatically after hitting the top of the converging channel/wedge at $10,800. Also, that level has been strong support in the past as suggested and is also the top end of our $10,800-600 pivot zone.
That said, we could see the price slide further to the high-$10,400 area, where we should see a strong bounce upward. Better yet, BTC could rebound higher from its current level of $10,542. It is worth noting that we’re nearing the end of our wedge, and this could spark an aggressive surge in either direction.
Total Market Cap: $333.6 billion
Bitcoin Market Cap: $195 billion
BTC Dominance Index: 58.5%
Note: Learn2.Trade is not a financial advisor. Do your research before investing your funds in any financial asset or presented product or event. We are not responsible for your investing results
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