Bitcoin (BTC) will only stop gaining value if „something unexpected“ stops it, Bloomberg researchers believe.
On August 19, strategist Mike McGlone posted a tweet summarizing the latest Bloomberg Intelligence Commodity Primer, revealing an optimistic position on BTC.
Bloomberg: BTC price will continue to appreciate
Bitcoin has re-entered the collective consciousness in recent weeks thanks to price increases that reached their highest point in a year, reaching USD 12,400.
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Despite a modest setback, progress has generally been maintained, and analysts are confident that the trajectory remains biased upwards beyond the immediate short term.
„Something unexpected needs to happen for Bitcoin’s price to stop doing what it has been doing for most of the last decade: appreciating,“ he wrote.
„Demand and adoption metrics remain favorable to the unique fixed supply attribute of cryptoactive.“
The charts confirm that Bitcoin is currently within its narrowest Bollinger band scenario on record, which is a timely development after creator John Bollinger described the current spike on Monday as „the perfect situation.
98% of all Bitcoin is now worth more than when you bought it
Stay optimistic about safe havens
Bloomberg has revealed an increasingly pro-Bitcoin stance in its latest publications. Earlier this month, he favored Bitcoin’s price increases over those of altcoins such as Ether (ETH), which he described as „more speculative.
He also added that Crypto Cash was stabilizing at six times the price of gold, which in turn had made great strides to reach a new record high of USD 2,070.
S&P 500 Sets Record as Bitcoin Price Struggles to Maintain 12k
On the subject of the precious metal, with which Bitcoin still correlates, McGlone said on Monday that the rise will continue to have the advantage.
„Above previous highs of about $1,900 an ounce in mid-August, the market for gold bullion seems to be in its infancy, but it is likely to consolidate gains for a while,“ said part of another tweet.
As Cointelegraph reported, the weakness of the U.S. dollar seems to be fuelling the success of safe haven stocks, something that shows no signs of abating as the dollar’s currency index hits a two-year low.