Bloomberg lists 5 bullish trends for Bitcoin price despite 'Thanksgiving crash'
Included as evidence were record high Bitcoin futures open interest, non-zero wallet numbers, hash rate and the lack of correlation between Bitcoin and other macro assets. A separate interview with Bloomberg TV on Friday meanwhile saw Antoni Trenchev, CEO of the world's biggest crypto lender Nexo, forecast Bitcoin hitting a new all-time high by the end of 2020, adding: The lack of criticism contained in the article echoes growing acceptance of Bitcoin as a genuine asset, whether investment interest is coming from retail or institutional circles.
In the case of Gold, Mike McGlone, the Bloomberg Intelligence chief strategist who has long diverged from the broader narrative to be fully bullish on Bitcoin, believes that institutions will continue to pile in to cryptocurrency going forward. #Futures and Fund Flows Are Saying Yes -- Rising futures open interest and investor inflows in Bitcoin vs. the same declining for gold indicate the #cryptocurrency gaining an edge for price appreciation, in our view,” he tweeted earlier this week.
