Bloomberg Intelligence commodity strategist Mike McGlone says Bitcoin is set for a major breakout, with the leading cryptocurrency targeting $13,000 in the near term.
McGlone says he expects weeks of consolidation to end as Bitcoin’s volatility hovers at a level where big breakouts tend to erupt.
#Bitcoin a Caged Bull Set for Breakout, Eying $13,000 Resistance —
The more disdain from bulls should be for the better, keeping the price tilted upward for the consolidating crypto. Declining Bitcoin volatility reflects maturation toward a digital version of gold. pic.twitter.com/2CqGEx95JS— Mike McGlone (@mikemcglone11) June 26, 2020
But not all analysts see a big BTC rally on the horizon. The popular crypto analyst TraderX0 tells his 40,000 Twitter followers that BTC’s historic price action suggests the crypto king will drop to $5,000 before starting a new bull cycle.
“[Here’s] a scenario I believe has a good probability of playing out since the start of June… Still very much on the cards.”
Meanwhile, Ethereum is seeing a strong surge in both volume and daily active addresses (DAA).
The crypto analytics company Santiment says the metrics are bullish for ETH in the long run. However, in the near term, the firm says the transactional throughput of the top 100 altcoins has soared by over 20,000% since March 27, 2020, suggesting that a local top may be in place for ETH and the altcoin market at large.
Meanwhile, traders are concerned that Ethereum and XRP may have to overcome significant sell walls from the $2.9 billion PlusToken scam.
On Wednesday, the whale watching bot Whale Alert spotted a transaction of 789,533 ETH worth over $190 million. The move has analysts concerned that the criminals behind one of the most notorious scams in the history of crypto are trying to sell their stash.
Oooof. https://t.co/ibG6haDXZ9
— il Capo Of Crypto (@CryptoCapo_) June 24, 2020
In addition, Whale Alert also flagged two large XRP transactions last week to the tune of 284,774,000 XRP worth $53.7 million. According to the XRP explorer Bithomp, PlusToken scammers are also behind the two large XRP transfers.
A pseudonymous analyst known in the industry as Pentoshi tells his 15,000 followers on Twitter that XRP may continue to dip from its current price of about 18 cents and enter a buy zone in the 15 cent area.
“XRP – 901 Days of lower highs. 99 left to hit 1000 sunrises + sunsets. It has been entirely left behind in the markets with each mini ‘alt season’
However, I think 1,500 sats or .15c is an attractive long-term entry that could provide a few hundred %. A new cycle will begin.”
