The popular Bloomberg Galaxy Crypto Index has in its latest release, July edition of its monthly publication “Bloomberg Crypto Outlook”, opined that Bitcoin is about to experience a breakout out of a cage to resume on the bullish trend, adding that the leading cryptocurrency next target is $13 000.
Bloomberg Galaxy Crypto Index is an alliance of US-based financial data and Media Company, Bloomberg and Galaxy Digital Management. The Index was set up to measure the performance of cryptocurrencies from time to time.
As recorded in the report, the decline of Bitcoin volatility is a sign that the king coin is ripe to experience a massive surge that will make it surpass its previous records.
According to Bloomberg’s analysis, Bitcoin had maintained a primary consolidation range of about USD 8,000 to USD 10 000 since its last high, and had hit a monthly-High of USD 9,200 on the 25th of June 2020. The Bloomberg report states that this exemplifies that the king coin is more close to hitting USD 13 000, than remaining in its former price range.
The growth in the demand of Grayscale Bitcoin Trust (GBTC) is an attestation that Bitcoin price will like spike.
Just like Gold, Bitcoin will Outclass Broader Market
Bloomberg further illustrated that factors such as the unparalleled worldwide central bank easing and the rising price of gold are likely to contribute to the outclassing of Bitcoin from its crypto peers.
Bitcoin’s volatility continues to drop as the cryptocurrency move to being a highly speculative asset to the crypto equivalent of gold.
Bitcoin maintains about 65% domination of all crypto market cap in the open of July, hence the report says it should be treated in the crypto ecosystem as gold is being treated in commodity market.
According to Bloomberg, Bitcoin will continue to weigh on other Altcoins as it has more widespread adoption and maturation in the crypto space as well as more favorable macroeconomic underpinnings.
Bloomberg analysis illustrates the correlation of the benchmark against Bloomberg Galaxy Crypto Index following a close observation of advancing gold.