Bitcoin (BTC) appears to have reversed recent gains to lose about 1.6% on April 6 as the bulls remained subdued and frustrated with no significant sign of an attack on all-time highs. Notably, a comparatively modest price prediction comes as Bitcoin continues to range, which gives the altcoins a chance to outperform.
Bitcoin Might Exceed The $60,000 Resistance
TradingView showed local lows of $57,340 with bitcoin bottoming on Tuesday after another failed attempt to break the $60,000 resistance. Despite being just thousands of dollars away from all-time highs of $61,700, bitcoin has failed to drive sellers away from the market. Although it is thinning out, the last band of resistance has remained intact.
The slowdown in the 2021-2021 bull market has worried some, but the professional analysts remain strong in their optimistic appraisals of the biggest crypto. Among them is Bloomberg Intelligence which projected that Q2 was more likely to deliver a rise to $80,000 than a capitulatory mover toward $40,000. Their report reads:
“Adoption of the benchmark crypto as a global reserve asset has crossed the mainstream threshold, as we see it, and the market tide is rising. This scenario has switched the focal point of our 2021 analysis toward more-technical indicators from a wider range of fundamental and on-chain metrics in the past few years. A more likely 2Q scenario is to breach $60,000 resistance and head toward $80,000. A backup toward $40,000 support is less likely, in our view.”
Mike McGlone, Bloomberg senior commodity strategist, authored this report. He is a famous bitcoin bull and his perspective strongly chimes with that of multiple analytics resources coming out with their reasons to be confident in the bitcoin market.
He also said that in terms of a reserve asset, Bitcoin is usurping ground that was previously reserved for gold. He argued:
“The precious metal will always have a place in jewelry and coin collections. But most indicators point to an accelerating pace of Bitcoin replacing the metal as a store of value in investor portfolios.”
The report then summarized:
“Bitcoin’s fundamental and technical underpinnings are improving while gold’s deteriorate.”
In the meantime, the altcoins had even more opportunities to make merry for than the average Bitcoin investor on the day as the large-cap cryptos added to the strong weekly growth. Among them was Ether (ETH), coming from the new all-time highs around $2,150, XRP that surpassed $1 for the first time since March 2018 before correcting.
Binance Coin (BNB), the second-biggest altcoin by market cap, gained around 3.4% to reach $388, sealing the weekly gains of around 33%. Popular Twitter trader Rekt Capital announced:
“Large Cap Altcoins are waking up.”
One accompanying graphic suggested that smaller altcoins might feel the benefit once bigger coins had outperformed. Based on previous reports, altcoins traditionally perform well after bitcoin spends a significant length of time consolidating after a bull run.
Bitcoin market cap dominance was hovering at around 55.1% on the day, its lowest since May 2019.