Bloomberg: Only an "accident" can stop Bitcoin's price from continuing to rise

Bloomberg's latest business report reveals an increasingly bullish stance on Bitcoin. Bloomberg researchers believe that only "something unexpected" can stop the upward momentum of Bitcoin prices.

On August 19, senior strategist Mike McGlone tweeted the latest Bloomberg Commodity Information Brief, showing a clear bullish stance on BTC.

Bloomberg: BTC prices will continue to rise

Bitcoin has regained mainstream attention in recent weeks thanks to a surge in its price that has reached yearly highs of $12,400.

Despite the minor pullback, gains have largely held, and analysts believe that in the short term, the trajectory remains biased to the upside.

“It would take something unexpected to stop the trend that the price of Bitcoin has been on for the better part of the past decade: appreciation,” he wrote.

“Demand and adoption indicators remain positive, and another unique attribute of Bitcoin is its limited supply.”

The chart confirms that Bitcoin is now within its narrowest Bollinger Bands ever — a timely development after creator John Bollinger described the current bull run as ‘picture perfect’ on Monday.

Continue to be bullish on safe-haven assets

Bloomberg has revealed an increasingly bullish stance on Bitcoin in its latest publication. Earlier this month, it praised the price rise of Bitcoin over that of altcoins such as ETH, describing the latter as “more speculative.”

It also added that Bitcoin is stabilizing and its price is six times higher than gold, which itself has made significant progress, breaking a new record of $2,070.

On the topic of Bitcoin remaining relevant to precious metals, McGlone said on Monday that bulls will continue to have the upper hand.

“Above the previous highs around $1900/oz in mid-August, it seems to us that it is still early in the gold bull market but gains may consolidate sideways for a while,” read part of another tweet.

According to reports, the dollar’s ​​weakness appears to be fueling the success of safe-haven assets, and this shows no signs of stopping as the dollar currency index hit a two-year low.

Source: Cointelegraph