The leading cryptocurid on capitalization is preparing to break away from the precious metal hundreds of times, the analysts of Bloomberg are considered
Bloomberg analysts found out that Bitcoin's volatility is able to increase the price of cryptocurrency price from gold hundreds of times. This is reported in the monthly report of Bloomberg for cryptocurrency.
Such a scenario is possible if the cryptocurrency volatility will move within the framework of the formed model.
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Analysts noted that the 260-day bitcoin volatility relative to gold reached a minimum. The last time she was at this level at the beginning of 2017. The graph shows the volatility, as well as the cost of Bitcoin in relation to gold.
It is worth noting that the achievements of a minimum of 260-day volatility in early 2017 provoked the annual rally of Bitcoin.
Bitcoin at the beginning of the way
So an impressive gate of Bitcoin from gold would mean growth cryptocurrency to a level of ~ $ 184 thousand (at the price of gold at $ 1842 per ounce). However, in Bloomberg did not call the temporary framework of achieving new maxima. As a medium term, the Bitcoin needs to be at least to gain at the first target of $ 50 thousand, analysts note.Learn how to trade on the cryptocurrency market together with the BEINCRYPTO partner - Stormgain cryptocurrency exchange
Bitcoin's hand can play instability of a multitude of altkoins, which, for more, develop at the expense of speculation, consider Bloomberg. The collapse of such digital currencies can strengthen the position of the main cryptomic in the status of the "Reserve Currency".
Great movement of wealth
Analysts argue that now the price of leading cryptocurrencies is kept due to the idea of digital gold. At the same time, according to Bloomberg specialists, there is enough evidence that institutional money is actively derived from the gold market in favor of Bitcoin.
The graph above shows how bitcoin trust from GRAYScale (GBTC) actively increases reserves. At the same time, the stocks of assets are reduced from traded on stock exchanges (ETF) gold.
However, this is not the first time when Bloomberg call large numbers in the future price of Bitcoin. In November 2020, Bloomberg analyst Mike McGloun said that Bitcoin will be able to "add zero" to the founding of its course. The price of BTC / USDT at the time of writing the material is $ 37 053.
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