Bloomberg’s mid-year report indicates that the price of Bitcoin (BTC) could soon rise above $12,000. Active addresses on the rise The report contends that both on-chain and off-chain indicators for Bitcoin point to the asset’s appreciation. One of the key metrics for Bloomberg is the number of active addresses. Bloomberg elaborated: “The 2019 Bitcoin end-of-day high was $12,734, based on Bloomberg pricing. Unless advancing addresses abruptly reverse, history suggests Bitcoin may gravitate toward that level.” Grayscale’s dynamics are positive Bloomberg suggests that the continuous growth of Grayscale’s Bitcoin Trust or GBTC and the shrinkage of the premium versus the Bitcoin …

A new report analyzing on-chain activity says that Bitcoin (BTC) is now due for a bullish phase based on supply movements. Published by asset manager Stack Funds on July 2, the findings suggest that 90-day active supply is dictating bullish potential for BTC/USD. BTC price to rise “sooner rather than later” Publishing an accompanying chart for the metric, Stack argued that it has important implications for historical price behavior. “The data provides an indication of two folds. Firstly, the 90d % of Bitcoin active supply has tapered over the past 3 years, from 36% to 17%, suggesting that investors’ time …

Bloomberg remains optimistic about Bitcoin (BTC) as long as it stays above a key resistance level. Bitcoin Bollinger Bands. Source: Bloomberg The latest report by Bloomberg analyst, Mike McGlone, contends that Bitcoin is consolidating. He speculates that due to the decreasing volatility, Bitcoin price Bollinger Bands are at its lowest point ever. $6,500 — $13,000 critical range In his opinion, Bitcoin is priming to break out of the upper resistance level of $13,000. At the same time, he says that it is critical that price does not fall below $6,500: “Our graphic shows the upward sloping 260-day moving average on …

June 11, the number of active Bitcoin (BTC) addresses hit 1,040,244. This is the highest number in two and a half years. Many analysts believe there may be a correlation between this metric and the market’s overall price. Number of Active Bitcoin Addresses. Source: Glassnode. Bloomberg bets on it Bloomberg, in its latest crypto report stated that the number of active Bitcoin addresses is a historically significant bullish indicator: “The highest level of active addresses in about two years favors a higher Bitcoin price, if history is a guide.” Days With > 1,040,244 Bitcoin Active Addresses & Price. Source: Cointelegraph, …

Coming every Sunday, Hodler’s Digest will help you track every single important news story that happened this week. The best (and worst) quotes, adoption and regulation highlights, leading coins, predictions and much more — a week on Cointelegraph in one link. Top Stories This Week Forget $10,000, Bitcoin’s $12,000 breakout will catch everyone off guard Once again this week, BTC suddenly soared into five figures — hitting $10,380 soon after Donald Trump mobilized police and the National Guard to disperse protests outside the White House. The surge helped break a long-term descending trendline of $10,250 that had been in place …

A report from Bloomberg that provides a crypto market outlook for June says that it expects Tether (USDT) to surpass Ethereum (ETH) in market capitalization. The report notes the growth of Tether’s market capitalization as one of the main drivers for the appreciation of Bitcoin (BTC): “Interest in digital links to the dollar represents the need to transact and store value in the world’s reserve currency without an intermediary.” Ether live in Bitcoin’s shadow Recently, the stablecoin has overtaken XRP (XRP) at the number three cryptocurrency by market cap. Bloomberg asserts that it will not stop there but will march …

The latest report from Bloomberg reveals that the company expects Bitcoin (BTC) to retest the record highs from 2017, and may even go as high as $28,000. COVID-19 and institutions helping Bitcoin The report suggests that COVID-19 has accelerated Bitcoin’s maturation as an asset, showing its strength amid declining equities. In addition, it points to the ever-increasing appetite from institutional investors, and Grayscale, or GBTC, in particular, which has been consuming about 25% of the the new supply: “So far this year, its increasing AUM has consumed about 25% of new Bitcoin-mined coins vs. less than 10% in 2019. Our …

According to a leaked PowerPoint slide, Goldman Sachs, in a May 27 call discussing the U.S. economic outlook, stated that cryptocurrencies are not an asset class. The wording of the slide appears to discourage its clients from investing in the up and coming technology-based asset. This stands in stark contrast to the views of former presidential hopeful, Michael Bloomberg, whose financial reform plan unequivocally called Bitcoin an asset class. Purported Goldman Sachs Slide From May 27 Call. Source: Ryane Browne’s Twitter Account. Bloomberg: Better than gold Michael Bloomberg’s plan openly acknowledged cryptocurrency as a major asset class. It also called …

Mike McGlone, Bloomberg’s senior commodity strategist, in his latest Bitcoin report remains bullish on the “first-born” crypto and points to the advantage it holds over its hedging rival gold: “Unlike quasi currency brethren gold, higher prices won't be an incentive for more supply.” Is BItcoin’s supply inelastic? McGlone alludes to the fact that in most commodity markets, greater demand leads to higher prices, which in turn leads to greater production of the commodity and price stabilization. However, Bitcoin’s supply is controlled with code. Moreover, the rate of production of new Bitcoin will be halved next week. Although an argument could …

Data from the blockchain intelligence company, Glassnode, suggests that Bitcoin (BTC) has entered the “Optimism” phase amongst traders. The metric subtracts the net unrealized loss from the net unrealized profit of all circulating Bitcoin supply to gauge market sentiment. This indicator tends to increase during bull markets and the company suggests that the various value bands indicate market phases. Source: Glassnode With the recent increase in the price of Bitcoin, apparently, the market has migrated from “Hope” to the “Optimism” phase. Next, the asset could either continue its momentum and enter the “Belief” phase, or retreat to the “Anxiety” phase. …

Coming every Sunday, Hodler’s Digest will help you track every single important news story that happened this week. The best (and worst) quotes, adoption and regulation highlights, leading coins, predictions and much more — a week on Cointelegraph in one link. Top Stories This Week Bitcoin pushes to clear $7,750 as key weekly close approaches It’s a nail-biting time for Bitcoin owners. The cryptocurrency mounted a strong rebound and surged from $6,800 to $7,600 this week — with a dramatic surge on Thursday taking many traders by surprise. But the question now is whether these higher prices are here to …

Bloomberg analyst, Mike McGlone, speaking to Cointelegraph described Bitcoin (BTC) halving as a “non-event”. Cointelegraph interviewed Bloomberg’s senior commodity strategist Mike McGlone to learn more about his Bitcoin bullishness. He emphasized that the work he does for Bloomberg Intelligence is objective and devoid of salesmanship: “I'm Bloomberg Intelligence. They're all completely objective. And this does not reflect the views of Bloomberg at all. I'm completely objective in my outlook in the market. I don't make investment advice or recommend recommendations.” Bitcoin maximalist McGlone has decades of experience as a commodities trader and has been really impressed with Bitcoin’s robustness: “The …