Bitcoin
BTC$69 135.35

0.39%

Ethereum
ETH$3 749.24

0.60%

Tether
USDT$0.999886

0.01%

Binance Coin
BNB$602.25

0.35%

Solana
SOL$168.45

0.39%

USD Coin
USDC$0.999984

-0.01%

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 80.8% 34 $69 135.35 0.39% 3.32% $1 362 207 405 241 BTC 7 days price change
2 Ethereum (ETH) ETH Ethereum predictions 74.4% 49 $3 749.24 0.60% 20.06% $450 406 009 355 ETH 7 days price change
3 Tether (USDT) USDT Tether predictions 91.6% 1 $0.999886 0.01% -0.03% $111 924 580 011 USDT 7 days price change
4 Binance Coin (BNB) BNB Binance Coin predictions 90.8% 6 $602.25 0.35% 3.75% $88 883 758 375 BNB 7 days price change
5 Solana (SOL) SOL Solana predictions 70% 64 $168.45 0.39% -2.37% $75 703 178 826 SOL 7 days price change
6 USD Coin (USDC) USDC USD Coin predictions 93.6% 1 $0.999984 -0.01% -0.01% $32 725 200 351 USDC 7 days price change
7 XRP (XRP) XRP XRP predictions 94.8% 5 $0.541808 1.13% 3.92% $30 032 688 498 XRP 7 days price change
8 Dogecoin (DOGE) DOGE Dogecoin predictions 77.6% 35 $0.173961 6.20% 13.64% $25 127 052 131 DOGE 7 days price change
9 Toncoin (TON) TON Toncoin predictions 69.2% 69 $6.38 -0.23% -0.30% $22 158 372 384 TON 7 days price change
10 Cardano (ADA) ADA Cardano predictions 87.2% 20 $0.462085 0.56% -4.21% $16 491 451 331 ADA 7 days price change
11 Avalanche (AVAX) AVAX Avalanche predictions 75.2% 46 $38.29 0.79% 2.74% $15 044 254 301 AVAX 7 days price change
12 SHIBA INU (SHIB) SHIB SHIBA INU predictions 82.4% 33 $0.000025 2.87% 1.23% $14 782 406 602 SHIB 7 days price change
13 Wrapped Bitcoin (WBTC) WBTC Wrapped Bitcoin predictions 80.4% 34 $69 101.03 0.28% 3.28% $10 743 591 141 WBTC 7 days price change
14 Polkadot (DOT) DOT Polkadot predictions 80.4% 29 $7.34 1.56% 2.47% $10 558 252 393 DOT 7 days price change
15 Lido stETH (STETH) STETH Lido stETH predictions 95.2% 1 $2 941.39 -0.40% -3.32% $10 258 752 564 STETH 7 days price change

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