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Bitcoin Price Consolidation: Is New Target $13,000?

Bitcoin is now trading around $9,164, which is very close to key support of $9,000. What caused Bitcoin to plunge? It may be the equity markets that inspire the top leading asset to plummet.

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The highest numbers of daily Coronavirus cases has been reported recently. Investors are draining money out of the markets due to fear of the second wave of Coronavirus. To some extent, Bitcoin also comes under the spell of global markets.

In order to curb the negative COVID-19 effects on the economy, the Fed is busy printing money. While the Fed is making surplus money out of machines, prominent investors are criticizing government policy as they have pointed out that it will shatter the people’s belief in government institutions.

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The Advice of Rich Dad Poor Dad Author

In these tough conditions, some professional financial gurus are advising people to look at assets such as gold, silver, or Bitcoin. Robert Kiyosaki, the world-famous finance author, and the educator asks people to buy Bitcoin along with gold and silver.

“Is the Fed Ded?  The Fed can print $ but cannot print jobs. As Corona returns the massive Fed-Wall St-Treasury bubble collapses. Corona is the pin not the bubble.  If you think the Fed is Ded get more gold, silver, and Bitcoin. Sadly, I think the Fed is dying. Take care be aware.”

Bloomberg Analysis

The latest report by Bloomberg says that Bollinger bands are narrower more than ever, and it tells us that volatility is very much lower. A major breakout is expected as Bitcoin is consolidating.

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The report by Mike McGlone concludes by referring to the resistance level standing at $13,000:

“Our graphic shows the upward sloping 260-day moving average on the crypto and bands that roughly marked the 2019 high and 2020 low for guidance. By this measure, when Bitcoin exits its cage, about $13,000 is a good initial resistance target. Sustaining below the bottom band at about $6,500 would jeopardize the uptrend.”

Moreover, Bloomberg analyst also finds that the volatility of the top digital asset is the same as the gold based on the data of 260 days:

“Its 260-day volatility, at about 4.4x that of the same gold measure, is the lowest since April 2017. The average is around 6.4x and the peak was 12.2x in 2011.”

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Ido Fischman

Ido Fischman is a new contributor at Tokenhell. He has a extensive background in investing and financial markets and writes for many large financial news portals such as Forbes, MarketWatch and Seeking Alpha. We highly recommend following his news articles.

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