An analyst at Bloomberg is betting on the growth of gold and bitcoin
Gold and Bitcoin remain the main candidates for growth this year, Bloomberg analyst Mike McGlone said. Gold and Bitcoin, according to McGlone, gain positions above significant support levels before moving further up.
“Among the small number of assets that have shown growth this troubled year, gold and bitcoin are preparing the basis for a further rise. Metal and cryptocurrencies remain our main candidates for growth in 2020, while COVID-19 adds to the heat in their rally,” the analyst writes.
The analyst pointed out a similar point of view on his Twitter: “In the unlikely scenario of a drastic change in the situation for the worse, we expect the bitcoin exchange rate to continue to grow. An unprecedented softening of central banks accelerates the emergence of bitcoin as a digital version of gold, while the pronounced oversupply is straining most markets. ”
Billionaire and owner of the Dallas Mavericks basketball club, Mark Cuban, said gold is far more valuable than the first cryptocurrency.
However, McGlone adds, “Our charts show gold is consolidating above the former resistance of $ 1,700. With each passing day, the metal is gaining an increasingly reliable foundation for the next step in this multi-stage rally. Bitcoin is undergoing a similar consolidation between $ 9,000 and $ 10,000. We see the main cryptocurrency as a resting bull. Something must seriously change in its 10-years history so that it simply does not begin to do what it did before: grow. If the stock market capsizes, gold and bitcoin must gain strength,”
Furthermore, CoinDesk analyst Omkar Godbowl noted that Bitcoin’s growth in October was a double-digit number, which allowed him to bypass gold for the first time since June.
But analysts at Arcane Research believe that bitcoin needs to grow by 5570% to $ 425,000 in order for it to reach its current gold capitalization.
The price of bitcoin should continue rising in the coming months and years unless “something unexpected” happens, according to a senior Bloomberg analyst.In a tweet summarizing the Bloomberg Intelligence Commodity Primer, Mike McGlone said, “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.”
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