Gold Too!
In a recent brief article that appeared in Bitcoinnews dot com, the author, Muskan Bagrecha, echoes a report by Bloomberg that Bitcoin will reach a peak in late 2020. This assumes that Bitcoin will behave the same as it did following the halving that took place in 2016. We hear this sentiment expressed by many Bitcoin speculators and, of course, the truth will be known very soon; the year is half gone already. The article also notices that Gold is at record highs and might possibly join Bitcoin as it flies to the moon. We live in exciting financial times. Exciting times in many other respects as well!
Here’s the article by Bagrecha…
Bitcoin will reach its all-time peak by the end of 2020: Bloomberg report.
A report by Bloomberg on its outlook of the crypto market, explains how this year the largest cryptocurrency by market cap may reach its all-time peak of USD 20,000.
Mike McGlone, a Bloomberg technical strategist points out the fluctuations in Bitcoin’s price post and pre-halving. He said that the fluctuations seem akin to the ones in 2016, indicating a three-year cyclical pattern hitting the milestone mark by the end of 2020.
“Bitcoin is mirroring the 2016 return to its previous peak. That was the last time supply was halved, and the third year after a significant peak. Our graphic depicts Bitcoin marking time for a third year following the parabolic 2017 rally.”
After the 60% decline in 2014, Bitcoin reached its peak at the end of 2016 matching the one reached in 2013. Four years later in 2020, two years after a 75% decline in 2018, if Bitcoin is following a similar trajectory as 2016, it will reach its peak by the end of 2020.
Moreover, Bloomberg brought in the factor of gold and Bitcoin having the same macroeconomic factors affecting their price. This means that with gold about to reach its peak since 1980, Bitcoin will experience a similar increase due to the same underlying factors.
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