Bitcoin (BTC) Poised for Major Bull Run, Will Advance Against ETH, XRP and Altcoin Market: BLOOMBERG

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Bitcoin (BTC) appears to be in a consolidating bull market and is poised to cement its status as digital gold, according to a new report from Bloomberg.

The analysis, from Bloomberg Intelligence veteran Mike McGlone, calls Bitcoin a “resting bull” that will benefit from unprecedented levels of quantitative easing from central banks. The report also highlights the fact that the BTC price is up about 40% in the last 12 months, compared to a 15% drop in the S&P 500.

“Bitcoin and gold appear to be consolidating bull markets that are backing into support zones vs. stocks, less than two months removed from record highs… Bitcoin and gold also stand to be primary beneficiaries of the unprecedented monetary stimulus that’s accompanied by a mean-reverting stock market.”

McGlone expects Bitcoin to outperform Ethereum, XRP and the altcoin market at large due in part to the coronavirus, stating that “Covid-19 distinguishes Bitcoin from [the] rest of cryptos.”

“The macroeconomic effects of the coronavirus accelerate Bitcoin’s process of gaining value relative to other cryptos. Most of the speculative spurt in the Bloomberg Galaxy Crypto Index (BGCI) to start 2020 has dissipated, and on a one-year basis, Bitcoin is up almost 40% to April 2 vs. about a 13% decline in the BGCI…

This year will confirm Bitcoin’s transition from a risk-on speculative asset to the crypto market’s version of gold, in our view.”

According to the report, Bitcoin futures helped tame the cryptocurrency’s notorious volatility and is a sign that BTC is maturing from a purely speculative investment to a digital alternative to gold.

Bloomberg also expects private digital asset projects like Facebook’s Libra to continue to struggle to attain approval from regulators. McGlone says bank regulators are far too skeptical on the reliability of assets created outside of the commercial banking system.

In other trending Bitcoin news today:

3 REAL REASONS WHY BITCOIN WILL RALLY TOWARDS $9,000 IN THE COMING WEEKS

After showing signs of weakness early this week, Bitcoin managed to mount a comeback on Wednesday, rallying 6% to $7,150 within the space of a few hours. It was a rally that liquidated over $10 million worth of short positions, with bulls retaking the ever-important $7,000 level with force.

Fortunately, a confluence of fundamental and technical factors indicates that BTC is preparing to embark on yet another leg higher. There isn’t a consensus as to where that leg will end, but many are eyeing a Bitcoin price of $9,000-10,000, all within the next few weeks.

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