Bloomberg report calls Bitcoin refreshed and discounted as BTC price bounces at $36K
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.
Top Cryptocurrencies with Price Predictions
| # | Crypto | Prediction | Accuracy | CVIX | Price | 24h | 7d | Market Cap | 7d price change | |
| 1 |  BTC |
Bitcoin predictions | 73.6% | 50 | $60 961.08 | -0.41% | -5.28% | $1 204 731 421 404 |  |
|
|---|---|---|---|---|---|---|---|---|---|---|
| 2 |  ETH |
Ethereum predictions | 79.6% | 42 | $2 363.44 | -3.63% | -10.16% | $284 490 888 046 |  |
|
| 3 |  USDT |
Tether predictions | 96% | 1 | $0.999775 | -0.01% | -0.01% | $119 613 677 756 |  |
|
| 4 |  BNB |
Binance Coin predictions | 76% | 52 | $540.95 | -1.40% | -9.40% | $78 942 650 731 |  |
|
| 5 |  SOL |
Solana predictions | 70.8% | 55 | $137.87 | -5.78% | -9.64% | $64 589 113 449 |  |
|
| 6 |  USDC |
USD Coin predictions | 92.4% | 1 | $0.999956 | 0% | -0.01% | $35 574 574 274 |  |
|
| 7 |  XRP |
XRP predictions | 84% | 31 | $0.524465 | -11.22% | -11.21% | $29 665 883 603 |  |
|
| 8 |  DOGE |
Dogecoin predictions | 79.6% | 41 | $0.104833 | -1.45% | -8.86% | $15 327 743 829 |  |
|
| 9 |  TRX |
TRON predictions | 93.6% | 1 | $0.154264 | 0.31% | 1.24% | $13 358 698 727 |  |
|
| 10 |  TON |
Toncoin predictions | 73.6% | 49 | $5.25 | -3.22% | -9.96% | $13 294 187 711 |  |
|
| 11 |  ADA |
Cardano predictions | 75.6% | 45 | $0.341218 | -2.96% | -13.50% | $11 927 751 391 |  |
|
| 12 |  STETH |
Lido stETH predictions | 92% | 1 | $2 941.39 | -0.40% | -3.32% | $10 258 752 564 |  |
|
| 13 |  WTRX |
Wrapped TRON predictions | 90.8% | 1 | $0.116354 | -0.46% | 0.23% | $10 171 995 609 |  |
|
| 14 |  AVAX |
Avalanche predictions | 67.2% | 73 | $24.88 | -4.29% | -11.44% | $10 110 122 710 |  |
|
| 15 |  WBTC |
Wrapped Bitcoin predictions | 92% | 1 | $65 806.83 | 0.78% | -2.68% | $10 083 957 608 |  |
