Bloomberg Intelligence, in its Bloomberg Crypto Outlook report published for July, announced that if history repeats itself, the price of Bitcoin has the potential to rise up to 100 times the price of an ounce of gold.
According to the report shared by senior commodity analyst Mike McGlone, the floods seen in the crypto money market in the first half of 2021, “as in the example of Dogecoin”, started to end.
Explaining that the crypto money market may spend the second half of the year in a “more mature” way, Bloomberg Intelligence announced that the “Bitcoin and gold” duo may mark the coming months.
BTC Might Be 100 Times An Ounce of Gold
It is thought that Bitcoin, which started to lose value and retreat to support levels at the end of the first half of the year, may continue to move upwards in the light of macroeconomic developments.
Bloomberg Intelligence; It was emphasized that investors who want to save continue to turn to Bitcoin as well as gold, and that Bitcoin is “in the process of price discovery while on its way to becoming a global, digital reserve asset”.
Stating that Bitcoin is likely to appreciate against gold, analysts said, “One potential way the Bitcoin price can draw could be to find a balance at a level that is 100 times an ounce of gold.” He stated that volatility may also decrease in this process.
“Ethereum Looks Like It’s At Discount”
Although the bans from China, the still unapproved ETF in the US, and environmental debates in the mining industry are thought to be putting pressure on Bitcoin, Bloomberg analysts remain “bullish in the long run”.
Bloomberg Intelligence also made bullish predictions for “Ethereum, which is reminiscent of Bitcoin in 2017, getting rid of the excess speculation in the market and increasing the number of addresses.”
Stating that the chart drawn by Bitcoin in 2017 is a “good guide” for Ethereum’s performance in 2021, analysts stated that the price of ETH may consolidate in the range of $ 2,000 to $ 4,000 for a while, and that the ETH Price is currently “looking at a discount”.