Bitcoin Likely to Reach All-Time High This Year: Bloomberg

Expert: Bitcoin Will Reach All-Time High This Year

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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