Bloomberg: Technical Outlook for Bitcoin Remains Upward
iHodl.com
Main page News, Bitcoin, Crypto Market, Cryptocurrency
Hot topic
7 April
143 143

Despite the slight decrease in price, the technical outlook for bitcoin (EXANTE: Bitcoin) in 2021 remains "strongly upward," Bloomberg's analysts wrote in a monthly report.

Subscribe to our Telegram channel to stay up to date on the latest crypto and blockchain news.

If bitcoin's price repeats past patterns (in 2013 or 2017), the cryptocurrency would reach approximately $400,000, based on the regression since the 2011 high.

Bloomberg: Technical Outlook for Bitcoin Remains Upward
Bitcoin Rhyme With 2013, '17 Peaks About $400,000. Bloomberg

Bloomberg's strategists say last September, 180-day volatility on the crypto about matched the all-time low from October 2015. From that month's average price, the price of the cryptocurrency gained over 50x to the peak in 2017. Bloomberg emphasizes that 2021 is similar to 2017 and 2013, as it is the first year after the bitcoin's halving, along with "subdued volatility." As of press time, bitcoin is trading at $56,212 (-3.66%).

JPMorgan Sees Bitcoin at $130K as Institutionals Arrive

In February, Bloomberg said that if bitcoin wants to replace gold in the long run, it should simply maintain what it has been doing over the last few years: appreciating in price and maturing. Most notably, that BTC's volatility ratio trough at about 2.3x three years ago coincided with the bitcoin-to-gold price ratio jumping to 15x at the end of 2017 from 1x, the analysts emphasized.

Access more than 50 of the world's financial markets directly from your EXANTE account – including NASDAQ, London Stock Exchange and Tokyo Stock Exchange.

Read also:
Please describe the error
Close