Bloomberg remains optimistic about Bitcoin (BTC) as long as it stays above a key resistance level.

Bitcoin Bollinger Bands. Source: Bloomberg

Bitcoin Bollinger Bands. Source: Bloomberg

The latest report past Bloomberg annotator, Mike McGlone, contends that Bitcoin is consolidating. He speculates that due to the decreasing volatility, Bitcoin price Bollinger Bands are at its everyman indicate always.

$vi,500 — $13,000 critical range

In his stance, Bitcoin is priming to break out of the upper resistance level of $13,000. At the same time, he says that information technology is critical that cost does non fall below $6,500:

"Our graphic shows the upward sloping 260-twenty-four hours moving average on the crypto and bands that roughly marked the 2022 high and 2022 depression for guidance. By this measure, when Bitcoin exits its cage, about $13,000 is a proficient initial resistance target. Sustaining beneath the bottom band at almost $6,500 would jeopardize the uptrend."

Getting closer to gold

McGlone observes that Bitcoin's volatility relative to the same metric for gold is at the lowest since the tape bull run of 2022 and is way below the boilerplate:

"Its 260-day volatility, at well-nigh four.4x that of the same golden measure, is the everyman since Apr 2022. The average is around 6.4x and the peak was 12.2x in 2022."

Recently, Bloomberg predicted that Bitcoin may regain the tape highs of $20,000, even soaring to a new high of $28,000.