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Bitcoin falls below $58K as Bloomberg eyes $80K BTC price in Q2

A comparatively modest price prediction comes as Bitcoin ranges, giving altcoins an opportunity to outperform.
Bitcoin (BTC) reversed recent gains to lose 1.5% on April 6 as bulls were kept frustrated with no sign of an attack on all-time highs BTC/USD 1-hour candle chart (Bitstamp). Source: TradingviewBitcoin will “likely” squash $60,000 resistanceCointelegraph Markets Pro and TradingView showed local lows of $57,340 hitting during Tuesday after another failed attempt at tackling $60,000 resistance.Despite being a matter of thousands of dollars away from all-time highs of $61,700, BTC/USD has been unable to drive sellers away for good. While thinning out, the last band of resistance has remained in place.This slowdown in the 2020-2021 bull market has alarmed some, but professional analysts remain steadfast in their optimistic appraisals of the largest cryptocurrency.Among them is Bloomberg Intelligence, which on Tuesday predicted that Q2 was more likely to deliver a further surge to $80,000 than a capitulatory move to $40,000.”Adoption of the benchmark crypto as a global reserve asset has crossed the mainstream threshold, as we see it, and the market tide is rising. This scenario has switched the focal point of our 2021 analysis toward more-technical indicators from a wider range of fundamental and on-chain metrics in the past few years,” a new report reads.”A more likely 2Q scenario is to breach $60,000 resistance and head toward $80,000. A backup toward $40,000 support is less likely, in our view.”Bloomberg senior commodity strategist Mike McGlone, who authored the report, is well known as a Bitcoin bull, and his perspective …
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