Bloomberg Report: Bitcoin En Route To 6 Figure Mark
Bloomberg’s recent report suggests Bitcoin is forming a floor rather than a ceiling and on its way to $100,000:
Bitcoin Forming a Price Floor on Its Way to $100,000: Bloomberg Report
In its latest “Crypto Outlook” report, Bloomberg says that traders thinking that Bitcoin is trading between a range of $30,000 and $60,000 may be caught off guard as BTC’s price action progresses.
“Bitcoin is more likely forming a floor than a ceiling, which means range traders accustomed to $30,000-$60,000 may be disappointed. Since the start of 2021, the more tactically oriented had opportunities near the lower end twice and to sell for double around the upper end.
Our graphic shows this consolidation period may be ending, with the path of least resistance pointing higher. About 30% below the 52-week moving average has proven to be a good support reading. Bitcoin revisited this potential bottom in January for the first time since the 2020 trough.”