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Bloomberg report calls Bitcoin refreshed and discounted as BTC price bounces at $36K


04 Jun 2021

#Bitcoin

BTC price action is already in recovery after a modest drop, and traders are favoring upside. Bitcoin (BTC) bounced off a predicted floor on June 4 as the dust settled on the latest market collision with Elon Musk.

Bitcoiners poke fun at Musk's "break-up"

Data from Cointelegraph Markets Pro and TradingView tracked BTC/USD as the pair recovered to levels nearer $37,000 on Friday. Previous strength this week, which had seen a push toward $40,000, abruptly ended in defeat after Musk released another cryptic tweet. In it, the Tesla CEO appeared to suggest that he had moved on from Bitcoin to some form of alternative.

The market sold off, but the biggest casualties this time were altcoin traders. Bitcoin only fell by $2,000 — significantly less than during other episodes involving Musk’s tweets. For popular trader Crypto Ed, who predicted that Bitcoin would need to hit $36,000 again anyway before continuing higher, the bottom was now in.

“Just need to reclaim some levels and we're good to go again,” he said in comments on the market on Friday.

Most reactions among Bitcoiners, however, were tongue-in-cheek, part of a wider narrative that reminds spectators that Musk is of no importance to Bitcoin’s strength. Short-term barriers to a recovery nonetheless remained. Of particular interest to traders were funding rates on the day, these flipping positive after previously favoring longs. In an ironic twist, Musk’s favorite token, Dogecoin (DOGE), lost more than most in the top fifty cryptocurrencies by market cap, trading down 14% at the time of writing.

Bloomberg favors $100,000 over $20,000

As ever, seasoned market participants called for a longer-term perspective on Bitcoin. Veteran trader Peter Brandt, who said that $21,000 would be the ultimate floor for BTC/USD under current circumstances, was firmly in favor of a bullish continuation.

“Why would someone bail out of non-leveraged longs when the market already had 80% of worst-case drop?” he argued earlier in the week. Another publicly bullish opinion came from Bloomberg Intelligence, which in its latest monthly report described cryptocurrencies en masse as “discounted and refreshed.” “Bitcoin is more likely to resume appreciating toward $100,000 resistance rather than sustaining below $20,000,” it summarized.

Fundamentals remained stable for Bitcoin, with hash rate — and therefore miners — unresponsive to Musk.


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Top Cryptocurrencies with Price Predictions

# Crypto Prediction Accuracy CVIX Price 24h 7d Market Cap 7d price change
1 Bitcoin (BTC) BTC Bitcoin predictions 76% 49 $49 177.82 -7.92% -10.53% $929 035 044 566 BTC 7 days price change
2 Ethereum (ETH) ETH Ethereum predictions 82.8% 34 $4 092.88 -2.38% -0.69% $485 446 527 829 ETH 7 days price change
3 Binance Coin (BNB) BNB Binance Coin predictions 81.2% 30 $563.52 -4.86% -7.33% $93 995 664 394 BNB 7 days price change
4 Tether (USDT) USDT Tether predictions 95.6% 1 $0.999981 -0.03% 0% $74 156 265 433 USDT 7 days price change
5 Solana (SOL) SOL Solana predictions 72% 60 $203.61 -3.36% 4.31% $62 231 324 330 SOL 7 days price change
6 Cardano (ADA) ADA Cardano predictions 67.6% 67 $1.42 -8.66% -8.56% $47 386 208 203 ADA 7 days price change
7 XRP (XRP) XRP XRP predictions 71.2% 64 $0.847073 -8.28% -10.87% $40 021 926 228 XRP 7 days price change
8 USD Coin (USDC) USDC USD Coin predictions 96% 2 $0.999590 -0.04% -0.01% $39 871 779 233 USDC 7 days price change
9 Polkadot (DOT) DOT Polkadot predictions 61.6% 74 $29.29 -12.73% -17.58% $28 929 753 364 DOT 7 days price change
10 Terra (LUNA) LUNA Terra predictions 68% 62 $74.10 13.99% 67.51% $28 735 392 986 LUNA 7 days price change
11 Dogecoin (DOGE) DOGE Dogecoin predictions 62.8% 71 $0.178634 -10.26% -13.05% $23 648 648 660 DOGE 7 days price change
12 Avalanche (AVAX) AVAX Avalanche predictions 64% 74 $92.34 -12.64% -18.20% $22 411 255 216 AVAX 7 days price change
13 SHIBA INU (SHIB) SHIB SHIBA INU predictions 63.6% 73 $0.000037 -7.81% -5.02% $20 467 328 342 SHIB 7 days price change
14 Crypto.com Chain (CRO) CRO Crypto.com Chain predictions 58.4% 83 $0.605372 -3.98% -24.08% $15 293 531 006 CRO 7 days price change
15 Polygon (MATIC) MATIC Polygon predictions 69.6% 59 $1.99 -10.33% 22.67% $13 980 255 925 MATIC 7 days price change

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