Summary: Despite Bitcoin's recent dip below its support at $9,000, Bloomberg analyst Mike McGlone predicted that Bitcoin's price will soon skyrocket in a recent tweet. McGlone argues that Bitcoin is consolidating. He believes this means BTC is ready to jump past its upper resistance level at $13,000, but this outcome will only be possible if it ...

Despite Bitcoin's recent dip below its support at $9,000, Bloomberg analyst Mike McGlone predicted that Bitcoin's price will soon skyrocket in a recent tweet.

McGlone argues that Bitcoin is consolidating. He believes this means BTC is ready to jump past its upper resistance level at $13,000, but this outcome will only be possible if it can stay above the $6,500 level. 

He added that declining BTC volatility demonstrates maturity toward a digital version of gold.

By Emily Mason