Bitcoin (BTC) will only stop gaining value if “something unexpected” stops it, Bloomberg researchers believe.
Tweeting a summary of the latest Bloomberg Intelligence Commodity Primer on August 19, senior strategist Mike McGlone revealed a clear bullish position on BTC.
Bloomberg: BTC price will continue to appreciate
Bitcoin has re-entered mainstream consciousness in recent weeks thanks to price increases that hovered above a one-year high of $ 12,400.
Despite a modest pullback, gains have been broadly maintained, and analysts are confident that trajectory will remain skewed upside over the immediate short term.
“Something unexpected needs to happen for the price of Bitcoin to stop doing what it has been doing most of the last few decades: appreciation,” he wrote.
“Demand and adoption metrics remain favorable against the unique feature of the fixed-supply crypto-assets.”
Graphics confirm that Bitcoin is currently in its narrowest Bollinger Band scenario on record – a timely event after creator John Bollinger on Monday described the current bollard track as “image perfect.”
BTC / USD Historical Chart with Bollinger Bands. Source: Twitter
Bullish stay in safe havens
Bloomberg has revealed an increasingly pro-Bitcoin stance in its recent publications. Earlier this month, it raised the price of Bitcoin above that of altcoins such as Ether (ETH), which described it as “more speculative.”
It also added that Bitcoin had stabilized with a price six times that of gold, which had even posted major advances to top $ 2,070 in a new record.
On the subject of the precious metal, with which Bitcoin still correlates, McGlone said on Monday that the bulls will have the upper hand.
“Above previous highs of about $ 1,900 per ounce in mid-August, the gold bull market is still likely to consolidate profits for a while in the early days,” part of another tweet last.
As Cointelegraph reports, weakness of the US dollar seems to be the success of safe haven, something that shows no sign of stopping, as the USD currency index is two years low.
