The Bitcoin latest news and updates feature one Bloomberg analyst who recently had a chance to speak in a once-a-month commentary, stating that Bitcoin arriving at a price of $16,000 is something that is not possible. The Bloomberg analyst is confident that Bitcoin is looking a bit more bullish but is still stuck in a tight range.
We are talking about Su Zhu, who is the chief executive of Three Arrows Capital. He recently released an excerpt of a report from the “monthly crypto market columnist” by Bloomberg. According to the details, BTC is looking a bit more bullish than bearish but still remains stuck in a tight range.
The excerpt also reads that “the worst of this year’s Bitcoin price correction…in our view” where Zhu elaborated that they expect for Bitcoin to remain bound to the $8,000 to $12,000 range until year-end.
The crypto news also show that Bloomberg wrote that increasing institutional investment and a “favorable macroeconomic environment” should produce upside potential. However, there is also “hangover selling from the 2017 price surge” about which the Bloomberg analyst is confident – and something that should limit the upside while creating some room in the downside. Zhu revealed that BTC’s downside is now the $8,000 region.
Bloomberg's monthly crypto market columnist is bullish BTCUSD and BTC.D pic.twitter.com/rdNp4Dmnvr
— Su Zhu (@zhusu) November 7, 2019
The analyst and his assertions are seen to echo a comment made by another Bloomberg analyst named Mike McGlone. His outlook came in previous reports from the outlet where he said that with the new key support at $8,000 and heavy resistance at $20,000, Bitcoin could be stuck in that range “endlessly.”
The other Bitcoin analyst is confident about the price of Bitcoin and how it is entering “an extended hibernation.” McGlone’s analysis can be seen on the video below.
All in all, many analyses suggest that $12,000 is more likely than the lower end target for Bitcoin right now. A fractal that was pointed out by Stardust implies that BTC will surge to the upside and retake the $10,000 and beyond levels in the coming weeks.
Still, the Bloomberg analyst Su Zhu and his outlook is the most important right now, according to which a $16,000 BTC price is not possible – at least not this year anyway.
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