Bitcoin’s “appreciation” will continue unless a freak occurrence interrupts it, says Bloomberg Intelligence.
Bitcoin (BTC) will only stop gaining in value if “something unexpected” stops it, Bloomberg researchers believe.
Tweeting a summary of the latest Bloomberg Intelligence Commodity Primer on Aug. 19, senior strategist Mike McGlone revealed a clear bullish stance on BTC.
Bloomberg: BTC price will keep appreciating
Bitcoin has reentered mainstream consciousness in recent weeks thanks to price rises which topped out at over one-year highs of $12,400.
Despite a modest pullback, gains have broadly been retained, and analysts are confident that trajectory remains skewed to the upside beyond the immediate short term.
“Something unexpected needs to happen for Bitcoin’s price to stop doing what it’s been doing for most of the past decade: appreciating,” he wrote.
“Demand and adoption metrics remain favorable vs. the crypto asset’s unique attribute of fixed supply.”
Charts confirm that Bitcoin is currently within its narrowest Bollinger Band scenario on record — a timely occurrence after creator John Bollinger on Monday described the current bull run as “picture perfect.”
BTC/USD historical chart with Bollinger Bands. Source: Twitter
Staying bullish on safe havens
Bloomberg has revealed an increasingly pro-Bitcoin stance in its latest publications. Earlier this month, it privileged Bitcoin’s price rises over those of altcoins such as Ether (ETH), which it described as “more speculative.”
It also added that Bitcoin was stabilizing with a price six times that of gold, which itself had put in major advances to top $2,070 in a new record.
On the topic of the precious metal, with which Bitcoin still correlates, McGlone said on Monday that the bulls will continue to have the upper hand.
“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,” part of another tweet reads.
As Cointelegraph reported, U.S. dollar weakness appears to be fuelling safe haven successes, something which shows no sign of stopping as the USD currency index hits two-year lows.
Source: Cointelegraph https://cointelegraph.com/