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Bloomberg Analyst: Bitcoin trapped between $ 8,000 and $ 12,000

Bitcoins increase from 7. 20 $ to 10. . And as usual, the bulls raised bullish price forecasts, which means that BTC should rise significantly higher by the end of the year.

Changpeng “CZ” Zhao of Binance wrote on Twitter that he expects the leading cryptocurrency to “soon” should have

But according to a Bloomberg analyst who comments on the crypto markets once a month, one is Here is the reason.

Bitcoin price remains trapped

Su Zhu, chief executive of Three Arrows Capital, recently published an excerpt from a report by Bloomberg’s “monthly crypto market columnist.”

The excerpt reads: “The worst of this year’s Bitcoin price correction …. from our point of view”. The analyst stated that they expect Bitcoin to reach the 8 th range by the end of the year Dollar remains bound; Bloomberg wrote that rising institutional investment and a “favorable macroeconomic environment” should create upside potential, but that “hangover sales from for a downtrend in the 8th 000 dollar area should create.

Bloomberg’s monthly crypto market columnist is bullish BTCUSD and BTC.D pic.twitter.com/rdNp4Dmnvr

– Su Zhu (@zhusu) November 7 2019

This analyst’s claims are in line with a comment by another Bloomberg analyst, Mike McGlone. In previous reports, McGlone noted in an interview that, with a key support of 8. , dollars and a strong resistance from the cryptocurrency could get stuck “endlessly” in this area.

The Bloomberg analyst summed up his opinion in a single – and rather morbid – notion, concluding that he believes the price of Bitcoin is going into “prolonged hibernation.”

What comes first? 8. 10 or . $?

Assuming that the columnist’s claim that Bitcoin remains “locked up” is true, where will the cryptocurrency trend go, 8? 000 Dollars or . Dollars?

According to a series of analyzes $ more likely than the lower target. A fractal largely indicates that BTC will shoot upwards in the coming weeks .

Text captions: newsbtc