Bloomberg researchers believe that Bitcoin (BTC) will only stop its growth if stopped by „something unexpected.
On August 19, in a tweet published to summarize the latest Commodity Primer from Bloomberg Intelligence, analyst Mike McGlone revealed a clear bullish orientation towards BTC.
Bloomberg: the price of BTC will continue to rise
In recent weeks, Bitcoin has returned to the mainstream spotlight thanks to price increases that have reached a maximum of $12,400, unexplored for more than a year.
Despite a fair pullback, the gains have mostly been maintained, and analysts are convinced that the trajectory beyond the very short term remains upward.
In particular, McGlone commented:
„Something unexpected should happen to prevent Bitcoin’s price from doing what it has done for much of the last decade: going up.
Demand and adoption data remain favorable in the face of the crypto asset’s unique limited supply characteristic“.
The charts confirm that Bitcoin is currently in a scenario defined by the tightest Bollinger Bands ever recorded, perfect timing after John Bollinger, the creator of the eponymous instrument, described the current bull run as „textbook“.
The perspective on refuge assets remains bullish
In his latest publications, Bloomberg has revealed an increasingly pro-Bitcoin position. Earlier this month, he prioritized the growth of Bitcoin over altcoin as Ether (ETH), which he described as „more speculative.
In addition, he added that Bitcoin Revolution was stabilizing at a price six times the price of gold, another asset that has seen large increases, reaching a new record at $2,070.
On the subject of precious metal, to which Bitcoin is still related, McGlone said on Monday that bullishers will continue to be ahead:
„Above the previous mid-August highs of around $1,900, the bull market for gold seems to be in its early stages, but it is likely to consolidate the gains for a while“.
As reported by Cointelegraph, the weakness of the U.S. dollar seems to fuel the successes of the shelter assets, and the new two-year low reached by the dollar index suggests that it is not going to stop.