Bitcoin (BTC), which is the leader in terms of market value, experienced a sharp decline last week, deeply affecting the crypto money market.
Bitcoin (BTC) is trading at $ 10,675 as of writing. The crypto currency, which saw its highest level of $ 12,050 on September 1, 2020, experienced a serious decline. Despite all this, Bloomberg analyst Mike McGlone believes that leading cryptocurrency will rise again soon.
Bloomberg Analyst Believes Bitcoin and Gold Will Rise Again
Mike McGlone is one of Bloomberg’s senior analysts. Mike shared his thoughts on gold and Bitcoin with his Twitter post. Gold and Bitcoin will rise despite returning to the decisive support zone, the popular analyst stated that this is linked to falling share prices.
Bitcoin Revisiting Former Resistance Level Now Supported
Mike shared his thoughts on gold and Bitcoin, as well as both the gold and Bitcoin price chart, and noted that the $ 10K key zone has become a key resistance zone after being tested multiple times throughout the year. The analyst said that the current events were only due to the repeated testing of this region, and that this region stood firmly and gave confidence to the market and became an important support.