Bloomberg – Only an Unexpected Event can Halt Bitcoin’s Rally
A research report on Bitcoin (BTC), published by Bloomberg, has stated that the numero uno crypto will stop appreciating in value only if an unanticipated even takes place to apply brakes on it.
The media outlet has tweeted an outline of the Intelligence Commodity Primer, which reflects the bullish view on Bitcoin by its senior analyst Mike McGlone.
Following the yearly high of $12,400 hit few days back, Bitcoin has once against hogged the limelight of mainstream media. In spite of minor technical price correction, Bitcoin continues to hold on to the gains and analysts are certain that the curve continues to be tilted on the higher side in the medium and long-term.
McGlone wrote “Something unexpected needs to happen for Bitcoin’s price to stop doing what it’s been doing for most of the past decade: appreciating. Demand and adoption metrics remain favorable vs. the crypto asset’s unique attribute of fixed supply.”
Charts affirm that Bitcoin is trading within extremely narrow Bollinger Bands, with the indicator’s creator John Bollinger calling the latest uptrend as ‘picture perfect.’
Of late, Bloomberg has been taking a Bitcoin friendly stance. Earlier in August, it highlighted Bitcoin’s price rise, while giving less importance to the rally of altcoins. In fact, Bloomberg called Ether’s (ETH) rally as speculative.
Bloomberg Intelligence Commodity Primer – Something unexpected needs to happen for #Bitcoin's price to stop doing what it's been doing for most of the past decade: appreciating. Demand and adoption metrics remain favorable vs. the #crypto asset's unique attribute of fixed supply. pic.twitter.com/E0wxubOlHF
— Mike McGlone (@mikemcglone11) August 19, 2020
Bloomberg document also pointed that Bitcoin is consolidating its position, similar to gold, which had hit a record high price of $2,070 in recent times. McGlone believes that bulls will continue to rein over the bears, both in case of gold and Bitcoin.
A portion of the tweet reads “Above former highs of about $1,900 an ounce in mid-August, the gold bull market looks to us to be in early days yet likely to consolidate gains for a while.”
Above former highs of about $1,900 an ounce in mid-August, the #gold bull market looks to us to be in early days yet likely to consolidate gains for awhile. #Copper has a high risk of resuming its enduring slide, with implications for more quantitative easing that would aid gold. pic.twitter.com/E7t3TLhK6Y
— Mike McGlone (@mikemcglone11) August 17, 2020
It seems that the greenback’s weakness is acting as a catalyst to the uptrend of safe haven assets, and there seems to be no slowdown in momentum. The USD currency index has already hit two-year lows.