Bitcoin Falls Below $ 58K As Bloomberg Expects $ 80K BTC Price In Q2

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A comparatively modest price prediction comes as Bitcoin ranges, giving altcoins a chance to outperform it.

Bitcoin (BTC) reversed recent gains to lose 1.5% on April 6 as the bulls remained frustrated with no signs of an attack on all-time highs.

BTC / USD 1-hour candlestick chart (Bitstamp). Source: Tradingview

Bitcoin will “probably” crush the $ 60,000 resistance

Cointelegraph Markets Pro and TradingView showed local lows of $ 57,340 during Tuesday after another failed attempt to tackle the $ 60,000 resistance.

Despite being thousands of dollars off the all-time highs of $ 61,700, BTC / USD hasn’t been able to keep sellers away forever. As you lose weight, the last resistance band has stayed in place.

This slowdown in the 2020-2021 bull market has alarmed some, but professional analysts remain steadfast in their optimistic assessments of the largest cryptocurrency.

Among them is Bloomberg Intelligence, which on Tuesday predicted that the second quarter was more likely to generate an additional increase to $ 80,000 than a capitulation move to $ 40,000.

“The adoption of benchmark crypto as a global reserve asset has crossed the threshold of the mainstream, as we see it, and the market tide is rising. This scenario has shifted the focal point of our 2021 analysis towards more technical indicators of a broader range of fundamental and on-chain metrics in recent years, ”a new report reads.

“A more likely second quarter scenario is to break the $ 60,000 resistance and head towards $ 80,000. In our opinion, a backup towards $ 40,000 support is less likely ”.

Bloomberg senior commodities strategist Mike McGlone, author of the report, is well known as a Bitcoin bull, and his perspective matches that of several analytical resources presenting their own reasons for being confident in the market.

Moving on, he noted that in terms of a reserve asset, Bitcoin is encroaching on land that used to be reserved for gold. The precious metal “will always have a place in jewelry and coin collections,” he argued, “but most indicators point to an accelerating pace in which Bitcoin replaces the metal as a store of value in investors’ portfolios.”

“Bitcoin’s fundamental and technical fundamentals are improving as gold deteriorates,” the report summarized.

Altcoin’s wake-up call sees profit

Meanwhile, altcoins had even more to celebrate than the average Bitcoin investor on the day, as large-cap cryptocurrencies added to strong weekly growth.

Among them were Ether (ETH), fresh off new all-time highs around $ 2,150, and XRP, which broke the $ 1 barrier for the first time since 2018 before correcting.

Binance Coin, (BNB), the second-largest altcoin by market cap, gained 3.4% to hit $ 388, sealing weekly gains of more than 33%.

“Large-cap Altcoins are waking up,” popular Twitter trader Rekt Capital announced.

An accompanying chart suggested that the smaller altcoins would feel the benefit once the larger coins outperformed. As Cointelegraph reported, altcoins traditionally perform best once Bitcoin has spent a suitable period of time consolidating after a bull run.

Bitcoin’s market cap dominance stood at 55.1% on the day, its lowest level since May 2019.

Cryptocurrency market capitalization dominance chart. Source: CoinMarketCap