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Bitcoin may be breaking free from its correlation with the stock market and gearing up for a parabolic 2021, according to a new Crypto report from Bloomberg.
The financial news outlet’s latest monthly outlook on crypto calls BTC a “caged bull” that could be on the cusp of a massive long-term breakout.
“Bitcoin may undergo a parabolic 2021, as it did in 2013 and 2017, if previous patterns play out again. New highs are a next potential iteration for the firstborn crypto and may be only a matter of time unless something we don’t foresee trips up the trend of greater adoption and demand vs. constrained supply.
Favorable macroeconomics, akin to those buoying gold, supports the digital store-of-value, notably vs. the oversupplied broader crypto market…
Bitcoin may be in early days of ending its constraining relationship with the Nasdaq 100 Stock Index, in our view.
Technically, the Bitcoin-to-Nasdaq ratio near 1.2 on Oct. 27 has extended above 1.1 resistance that has held for about a year.”
According to the report, Bitcoin’s resistance at $10,000 may morph into resistance at $20,000 next year.
The report cites Bitcoin’s dwindling supply and ultimate cap of 21 million coins as a key driver placing the leading cryptocurrency on a positive trajectory.
It also names steady BTC buys from the institutional crypto asset manager Grayscale as a factor supporting Bitcoin’s price.
Bloomberg analyst Mike McGlone says Bitcoin’s 2020 price action is also reminiscent of 2015, ahead of a bull cycle that ultimately saw BTC rise by 100x.
“2020 Bitcoin may be 2015 launchpad deja-vu. Some key technical indicators portend a strong up-year for Bitcoin in 2021. In 2020, the benchmark crypto dipped below its 50- month moving average and 180-day volatility dropped below 40% at the start of November.
This price foundation pair was last matched in 2015 as Bitcoin bottomed near $200; it peaked about 100x higher in 2017. We see Bitcoin volatility declining with natural maturation and little chance of similar high-velocity appreciation, but the indication is clear: Unless something significant trips it up, the crypto’s price is ripe to advance in the coming years.”
In other trending Bitcoin News today:
“3 Primary Reasons Why Ethereum (ETH) Could Hit $500 in Q4”
A confluence of bullish fundamental and technical indicators sees Ethereum rallying upward towards $500 in the fourth quarter.
The second-largest blockchain asset by market capitalization has rallied by more than 200 percent in 2020, with its price trading just shy of $490 in early September.
Nevertheless, its uptrend paused as traders migrated to Bitcoin, the flagship cryptocurrency that earlier gained entry into the investment/service portfolios of significant corporations (Square, MicroStrategy, PayPal, etc).
#1 ETH/BTC Support
A slowdown in Ethereum’s dollar-based uptrend finds headwinds in the ETH/BTC chart.
The pair, which pits Ethereum directly against Bitcoin, is trading lower since August 31.
As of Thursday, it was down by more than 32 percent from its YTD high of 0.0406 sats.
#2 Ethereum Ascending Triangle
Ethereum’s correction from its YTD high followed by a subsequent pullback to the upside left its price in a consolidation channel.
That range, with a fixed horizontal resistance line and a trail of higher lows, made an Ascending Triangle pattern.
The reason why Ethereum could perform per its bullish technical expectations is a solid fundamental catalyst.
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DISCLAIMER: This is NOT financial advice. The views and opinions expressed in this video are just opinions, nothing more. Trading is very risky, especially when trading with leverage. Seek financial advice from a professional and trade at your own risk because I am not responsible for any investment decisions that you choose to make.