Bloomberg lists 5 bullish trends for Bitcoin’s price despite the ‘Thanksgiving crash’

Bitcoin (BTC) continues to convert some of its harshest traditional critics from mainstream finance as Bloomberg admits this bullish run is nothing like 2017.

In a Nov. 27 article, the publication known for its pessimism highlighted a number of Bitcoin metrics pointing to a bullish future, despite Thursday’s $ 3,000 price drop.

Bloomberg: Bitcoin market “much more liquid”

The open interest of record Bitcoin futures, non-zero portfolio numbers, hash rate, and the lack of correlation between Bitcoin and other macro assets were included as evidence.

“Just look at the technical data of the market and Wall Street’s growing embrace of the world’s largest digital currency,” he began.

“And while trading doesn’t always run smoothly, the $ 315 billion digital currency is much deeper and more liquid than it was during the latest boom in 2017.”

Bloomberg has referred to what he describes as “diehard cryptocurrencies” that reject the idea that current price gains are another bubble. Among them was Cointelegraph’s regular associate, Mati Greenspan.

“It’s different now,” he commented.

“The last time we saw Bitcoin get that high, the blockchain was about to collapse, but the network has had improvements since then.”

A separate interview with Bloomberg TV on Friday meanwhile saw Antoni Trenchev, CEO of the world’s largest cryptocurrency lender, Nexo, predict that Bitcoin will hit a new all-time high by the end of 2020, adding:

“The digital gold narrative is stronger than ever. If Bitcoin only captures 10% of the total market capitalization of gold, we will be at $ 50,000 in no time. “

BTC’s macro performance stifles gold

The lack of criticism contained in the article echoes the growing acceptance of Bitcoin as a true asset, whether the interest in investing comes from institutional or retail circles.

Part of the positive image of the cryptocurrency comes from its eight-month growth spike from its March slump, during which it has consistently outperformed other macro assets. Even after its retreat to $ 17,000, Bitcoin’s year-to-date returns stand at 135%, versus 19% for gold and 12% for the S&P 500, data from analytics asset Skew confirm.

In Gold’s case, Mike McGlone, the chief strategist at Bloomberg Intelligence who has long moved away from the broader narrative to be fully bullish on Bitcoin, believes institutions will continue to accumulate cryptocurrency in the future.

“Is Bitcoin Replacing Gold? Futures and Fund Flows Say Yes – The rise in futures open interest and the influx of investors into Bitcoin versus the same decline for gold indicate that the cryptocurrency is gaining an advantage due to price appreciation, a our opinion ” tweeted earlier this week.