As Bitcoin was bullish over the previous month, developers and analysts also suggest that BTC will reach high. The “Bloomberg Crypto Outlook” reports of this month states that Bitcoin’s future will also be bullish and it may approach $100,000.
Bitcoin has again reached around $40,000 this week since its downtrend in May. The intelligence reports that Bitcoin may be more than the digital version of gold. Until or unless long-term trends reverse, the US dollar and Bitcoin will stand to benefit the most.
The world is going toward digital and many developing countries and popular entities are accepting Bitcoin. Similarly, the report states what Bitcoin offers to developing countries such as El Salvador and other populations that are largely unbanked saying, “Bitcoin is helping to bank the unbanked”. Besides, El Salvador adopts Bitcoin as legal tender as the authorities believe it has potential.
According to the report, “When views that contradict longer-term trends become consensus, outcomes often turn back toward lasting trajectories, which looks bullish for Bitcoin”. Moreover, the chart for BTC depicts bullishness when comparing with the charts of gold and altcoins.
Bullish Signals for Bitcoin
The report cited Bitcoin’s “fundamental bullish fundamental underpinnings” and went on to describe its benefits as an investment vehicle. It states that due to the advancing technology of Bitcoin results in pressurizing on the currency which automatically boosts stock-market.
Significantly, the hash rate of Bitcoin and crude oil presents similarly. Besides after some extreme revisions, the crypto seems bullish, according to the report. As noticeable to the analysts, Bloomberg has also noticed that the downtrend period for Bitcoin is over. Now, the price of Bitcoin is set to recover if this pattern repeats and also has possibilities to reach highs.
Additionally, the report stated that the drop in the Bitcoin’s price has dissatisfied the China miners. But as a matter of fact, the downtrend hash rate was just temporary. Furthermore, the report also showed a comparison between Bitcoin and the oil market. It says that “The dip in the Bitcoin bull market appears to be over, and the end of the crude oil bounce may provide underpinnings.”
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