2018 was a rough year for Bitcoin and the cryptocurrency market in general, as Bitcoin, the crypto giant, crashed by over 80% from its peak losing nearly one-third of its rate, however, the year 2020 served as a slight turnaround, and while the halving has just ended, several signals are indicating a bullish rally may be seen soon.
Irrespective of the plunge in 2018, bulls succeeded in gaining control over the market in 2019, taking Bitcoin back to 14,000 USD exactly six months after the drop to the lowest point.
This action assured analysts of the fact that Bitcoin will never experience the shocking drop again.
Peter Schiff, the CEO of Euro Pacific Capital Inc. and a long time Bitcoin pessimist, also believes that BTC will not reach 2018 low again.
He made this comment on July 10, affirming that the Bitcoin bear market has a long way to run, nevertheless, this statement has been remarkably confirmed by a BTC broker.
He said, Bitcoin has not been able to make a sophisticated gain in a full year, thus, it isn’t in a bull market.
Nonetheless, Bitcoin has plunged and also made lower highs for a whole year uninterruptedly. Hence, BTC is in a bear market.
The Gold and Bitcoin Effect
Peter Schiff again displayed his belief in Gold and the possibility of it price rising significantly. The CEO of Euro Pacific Capital Inc said he strongly believes that gold will continue to hit the roof.
According to some traders, this may possibly enhance Bitcoin, order than crush it.
Mike McGlone, a Bloomberg senior commodity analyst gave his opinion on the connection that exists between Bitcoin and gold.
He said the rate at which gold has increased for the first time in a long while; it looks as if the giant crypto may shortly follow suit.
On the other hand, Schiff does not seem to buy into Mike’s idea about gold and Bitcoin having similar connection.
Instead, he ascertained that from the way he envisages it, Bitcoin is rather closely interrelated to the S&P 500 than to gold.