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.”
Bitcoin has once again aroused public interest in recent weeks thanks to price rises exceeding one-year highs of $12,400.
Despite a minor correction, the leading crypto’s price gains have remained broadly intact, and McGlone and his colleagues are optimistic that its trajectory will favor the upside.
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,” Cointelegraph reported.
Bloomberg has been increasingly bullish on bitcoin in its latest publications. Earlier this month, it privileged bitcoin’s price rises over those of altcoins such as Ether, which it described as “more speculative.”
It also said 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.
Bitcoiners will hold to zero
A new poll finds that 72% of bitcoin investors are bullish about the cryptocurrency and will hold onto it even if the price somehow falls to zero, Bitcoin.com reported. A total of 22,635 votes were gathered for this survey.
Twitter user Plan B, known for his stock-to-flow price prediction model, has conducted a Twitter poll to establish when bitcoin investors will sell their bitcoin if the price does not increase. The poll concluded on Saturday and 22,635 votes were counted in total.
“You are probably bullish on bitcoin but what if BTC price does not increase sharply next years? When will you sell?” Plan B asked his followers. Among respondents, 72.1% answered that they will hold onto their BTC regardless of the price, riding it to $0 if needs be.
The next most popular option was to sell bitcoin when the price falls below $6,000, which 16.2% of respondents chose. Meanwhile, only 5.9% chose to sell when the price falls below $3,000 and 5.8% chose to sell when the price drops below $1,000.