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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 58.4% 89 $29 797.50 1.78% -0.41% $567 609 015 596 BTC 7 days price change
2 Ethereum (ETH) ETH Ethereum predictions 56.4% 88 $1 976.21 0.56% -2.84% $238 954 464 492 ETH 7 days price change
3 Tether (USDT) USDT Tether predictions 94% 1 $0.998942 -0.01% 0% $73 197 575 085 USDT 7 days price change
4 Binance Coin (BNB) BNB Binance Coin predictions 59.2% 85 $332.54 3.65% 10.37% $54 295 589 528 BNB 7 days price change
5 USD Coin (USDC) USDC USD Coin predictions 94% 1 $1.000323 0.04% 0.02% $53 422 966 109 USDC 7 days price change
6 XRP (XRP) XRP XRP predictions 58.4% 91 $0.402609 -1.06% -6.04% $19 463 373 242 XRP 7 days price change
7 Binance USD (BUSD) BUSD Binance USD predictions 96% 1 $1.000280 0.05% 0.01% $18 311 484 205 BUSD 7 days price change
8 Cardano (ADA) ADA Cardano predictions 59.6% 92 $0.518492 1.08% -7.75% $17 493 413 044 ADA 7 days price change
9 Solana (SOL) SOL Solana predictions 59.2% 92 $49.18 0.18% -9.36% $16 686 805 636 SOL 7 days price change
10 Dogecoin (DOGE) DOGE Dogecoin predictions 56.8% 88 $0.083335 0.30% -6.22% $11 056 071 504 DOGE 7 days price change
11 Polkadot (DOT) DOT Polkadot predictions 57.2% 92 $10.05 2.61% -3.60% $9 928 054 647 DOT 7 days price change
12 Wrapped Bitcoin (WBTC) WBTC Wrapped Bitcoin predictions 60.4% 89 $29 763.34 1.86% -0.45% $8 214 769 231 WBTC 7 days price change
13 Avalanche (AVAX) AVAX Avalanche predictions 59.6% 91 $28.63 -0.23% -13.98% $7 753 109 952 AVAX 7 days price change
14 TRON (TRX) TRX TRON predictions 72.8% 57 $0.080951 0.80% 12.50% $7 660 741 401 TRX 7 days price change
15 Dai (DAI) DAI Dai predictions 96% 1 $1.000068 0.05% -0.04% $6 575 909 240 DAI 7 days price change

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