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Bloomberg predicts Bitcoin growth

6 November 2020
2 min.
Bloomberg predicts Bitcoin growth

Bitcoin may cost as in 2017

This is the third attempt by Bitcoin to overcome key resistance at current levels in recent days. On 2 November, the crypt currency was rolled back to $13,300, which used to be a resistance, now acting as support.

The rise of the Bitcoin is taking place against the backdrop of the ongoing counting of votes in the US presidential election. Stock markets grew markedly on Wednesday as Democrat candidate Biden won a victory in some oscillating states, increasing the chances of new stimulus for the economy.

The FxPro team of analysts said: "Against the backdrop of the US election, all assets that had previously been in decline, including Bitcoin, have moved upwards".

The second crypt currency, Ethereum, jumped 5% and passed the $400 level after the announcement of the launch of the Ethereum 2.0 deposit contract. The Ethereum 2.0 deposit contract was officially introduced on Wednesday.

Senior Commodity Strategist at Bloomberg Intelligence, previous patterns indicate the parabolic rise of Bitcoin in 2021. He came to this conclusion after analyzing trends in 2013 and 2017, writes ttrcoin.

After a second halving in July 2016, bitcoin began to rise gradually and reached a historic high of around $20,000 in December 2017.

The idea that 2021 could be a repeat of 2017 was spread among crypto investors against the backdrop of the halving in May, when the award for miners was reduced from 12.5 BTC to 6.25 BTC per block. As a result, annual Bitcoin inflation was below gold, the most recognised protective asset.

The Block reports that the number of large traders in the CME bitcoin futures market first exceeded 100 in the run-up to the US presidential election. As analyst notes, the number of Bitcoin position holders is impressive against the background of other products of the exchange.

The Grayscale Bitcoin Trust has attracted the largest investment in a week and at the current rate of growth will approach 500,000 BTC by the end of the year.

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