RATE Group | Bloomberg Analyst Explains Why Bitcoin Price is “Caged” by $8,000 to $12,000 Range
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Bloomberg Analyst Explains Why Bitcoin Price is “Caged” by $8,000 to $12,000 Range

07 Nov Bloomberg Analyst Explains Why Bitcoin Price is “Caged” by $8,000 to $12,000 Range

Posted at 12:39h in Bitcoin News by

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Bitcoin’s surge from $7,300 to $10,600 woke up cryptocurrency bulls after a long slumber. And as normal, bulls have pushed extremely bullish price predictions, calling for BTC and its ilk to surge much higher by the end of the year.

In fact, as reported by NewsBTC previously, Changpeng “CZ” Zhao of Binance wrote on Twitter that he expects for the leading cryptocurrency to hit $16,000 “soonish,” citing the news that China has adopted blockchain technologies, which theoretically should have bullish knock-on effects on Bitcoin.

Related Reading: Square’s Cash App Sold $150M Worth of Bitcoin in Q3: 250% YoY Growth

But according to a Bloomberg analyst, who covers the crypto markets in a once-a-month commentary, a $16,000 Bitcoin likely isn’t possible, at least in 2019 anyway. Here’s why.

Bitcoin Price Remains Trapped

Su Zhu, the chief executive of Three Arrows Capital, recently released an excerpt of a report from Bloomberg’s “monthly crypto market columnist.” And…

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