Bloomberg Analyst Sees Bitcoin at $50,000 on Anti-Gold Sentiment
A recent meltdown in the Bitcoin price from its record high near $42,000 has done little to shake its bullish bias, at least according to a Bloomberg analyst.
The Bitcoin as digital gold narrative is suddenly taking on such significance, hedge funds, corporations, and institutional investors have begun reallocating a portion of their gold holdings into the cryptocurrency, according to Bloomberg Intelligence. A top senior commodities analyst for the financial forecasting giant believes that trend along with climbing Futures interest while gold declines, means that the cryptocurrency is beginning to gain the edge, price appreciation wise. Here’s why this trend will only continue […]
An optimistic forecast for gold is making Bitcoin equally bullish, thanks to its erratically positive correlation with the crypto. Gold Boom Ahead Frank Holmes, CEO of US Global Investors, told Kitco News that the gold market is forming a bottom. Simultaneously, the analyst maintained his upside target for the precious metal at $4,000 in 2020 despite the fears of uncertainty around November’s US election and the second coronavirus stimulus package. “The bottom that you’re seeing […]
For many years, investors have been arguing if Bitcoin is better than gold. The leading cryptocurrency has long been dubbed “digital gold” because it has characteristics that many believe makes it a competitor or successor to the precious metal. According to one investment analyst and podcaster, BTC is better than gold for the simple reason […]
The narrative taking place across the finance industry, is that cryptocurrencies like Bitcoin and Ethereum are the way of the future and gold’s days are numbered as a store of value. While the “digital gold narrative” has already taken a major dent out of the precious metal’s momentum, according to a top Bloomberg Intelligence analyst, “most indicators point to” Bitcoin replacing the aging asset an an “accelerating pace.” Bitcoin Is Replacing Gold As “Store Of […]
Bitcoin is laggingly tailing the gold chart trends, and it may face trouble for its delayed correlation. That is due to the precious metal’s latest breakdown move, wherein the price broke out of a Symmetrical Triangle pattern to the downside. Incidentally, Bitcoin is now consolidating inside a similar technical structure, and one analyst predicts it would break bearish just like gold. “Since the COVID Crash of March 2020, it is apparent that gold has been […]