{"id":121522,"date":"2020-11-27T17:00:00","date_gmt":"2020-11-27T14:00:00","guid":{"rendered":"https:\/\/en.buradabiliyorum.com\/bloomberg-lists-5-bullish-trends-for-bitcoin-price-despite-thanksgiving-crash\/"},"modified":"2020-11-27T17:00:00","modified_gmt":"2020-11-27T14:00:00","slug":"bloomberg-lists-5-bullish-trends-for-bitcoin-price-despite-thanksgiving-crash","status":"publish","type":"post","link":"https:\/\/buradabiliyorum.com\/en\/bloomberg-lists-5-bullish-trends-for-bitcoin-price-despite-thanksgiving-crash\/","title":{"rendered":"# Bloomberg lists 5 bullish trends for Bitcoin price despite \u2018Thanksgiving crash\u2019"},"content":{"rendered":"<div id=\"ez-toc-container\" class=\"ez-toc-v2_0_85 counter-hierarchy ez-toc-counter ez-toc-custom ez-toc-container-direction\">\n<p class=\"ez-toc-title\" style=\"cursor:inherit\">Table of Contents<\/p>\n<label for=\"ez-toc-cssicon-toggle-item-6a4148017ee37\" class=\"ez-toc-cssicon-toggle-label\"><span class=\"\"><span class=\"eztoc-hide\" style=\"display:none;\">Toggle<\/span><span class=\"ez-toc-icon-toggle-span\"><svg style=\"fill: #dd3333;color:#dd3333\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" class=\"list-377408\" width=\"20px\" height=\"20px\" viewBox=\"0 0 24 24\" fill=\"none\"><path d=\"M6 6H4v2h2V6zm14 0H8v2h12V6zM4 11h2v2H4v-2zm16 0H8v2h12v-2zM4 16h2v2H4v-2zm16 0H8v2h12v-2z\" fill=\"currentColor\"><\/path><\/svg><svg style=\"fill: #dd3333;color:#dd3333\" class=\"arrow-unsorted-368013\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" width=\"10px\" height=\"10px\" viewBox=\"0 0 24 24\" version=\"1.2\" baseProfile=\"tiny\"><path d=\"M18.2 9.3l-6.2-6.3-6.2 6.3c-.2.2-.3.4-.3.7s.1.5.3.7c.2.2.4.3.7.3h11c.3 0 .5-.1.7-.3.2-.2.3-.5.3-.7s-.1-.5-.3-.7zM5.8 14.7l6.2 6.3 6.2-6.3c.2-.2.3-.5.3-.7s-.1-.5-.3-.7c-.2-.2-.4-.3-.7-.3h-11c-.3 0-.5.1-.7.3-.2.2-.3.5-.3.7s.1.5.3.7z\"\/><\/svg><\/span><\/span><\/label><input type=\"checkbox\"  id=\"ez-toc-cssicon-toggle-item-6a4148017ee37\" checked aria-label=\"Toggle\" \/><nav><ul class='ez-toc-list ez-toc-list-level-1 ' ><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-1\" href=\"https:\/\/buradabiliyorum.com\/en\/bloomberg-lists-5-bullish-trends-for-bitcoin-price-despite-thanksgiving-crash\/#Bloomberg_Bitcoin_market_%E2%80%9Cfar_more_liquid%E2%80%9D\" >Bloomberg: Bitcoin market \u201cfar more liquid\u201d<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-2\" href=\"https:\/\/buradabiliyorum.com\/en\/bloomberg-lists-5-bullish-trends-for-bitcoin-price-despite-thanksgiving-crash\/#BTC_macro_performance_smothers_gold\" >BTC macro performance smothers gold<\/a><\/li><\/ul><\/nav><\/div>\n<p>&#8220;<strong># Bloomberg lists 5 bullish trends for Bitcoin price despite \u2018Thanksgiving crash\u2019 <\/strong>&#8221;<\/p>\n<div class=\"post-content\" data-v-5a136f3a>Bitcoin (BTC) continues to convert some of its harshest traditional critics from mainstream finance as Bloomberg admits that this bull run is nothing like 2017.\u00a0<\/p>\n<p>In an <a rel=\"nofollow noopener noreferrer\" target=\"_blank\" href=\"https:\/\/www.bloomberg.com\/news\/articles\/2020-11-27\/bitcoin-s-rocky-comeback-from-fringes-to-mainstream-in-charts?sref=323RPL5z\" data-amp=\"https:\/\/www-bloomberg-com.cdn.ampproject.org\/c\/s\/www.bloomberg.com\/amp\/news\/articles\/2020-11-27\/bitcoin-s-rocky-comeback-from-fringes-to-mainstream-in-charts\">article<\/a> on Nov. 27, the publication known for its pessimism highlighted a range of Bitcoin metrics pointing to a bullish future \u2014 despite Thursday\u2019s $3,000 price rout.<\/p>\n<h2><span class=\"ez-toc-section\" id=\"Bloomberg_Bitcoin_market_%E2%80%9Cfar_more_liquid%E2%80%9D\"><\/span>Bloomberg: Bitcoin market \u201cfar more liquid\u201d<span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p>Included as evidence were record-high Bitcoin futures open interest, non-zero wallet numbers, hash rate and the lack of correlation between Bitcoin and other macro assets.<\/p>\n<p>\u201cJust look at market technicals and Wall Street\u2019s growing embrace of the world\u2019s biggest digital currency,\u201d it began. <\/p>\n<blockquote><p>\u201cAnd while the trading doesn\u2019t always run smoothly, the $315 billion digital coin is far deeper and more liquid than it was during last boom in 2017.\u201d<\/p><\/blockquote>\n<p>Bloomberg referenced what it describes as \u201ccrypto diehards\u201d who reject the idea that the current price gains are another bubble. Among them was regular Cointelegraph contributor, Mati Greenspan.<\/p>\n<p>\u201cIt\u2019s different now,\u201d he commented. <\/p>\n<blockquote><p>\u201cThe last time we saw Bitcoin get this high, the blockchain was close to collapsing, but the network has had improvements since then.\u201d <\/p><\/blockquote>\n<p>A separate interview with Bloomberg TV on Friday meanwhile saw Antoni Trenchev, CEO of the world&#8217;s biggest crypto lender Nexo, forecast Bitcoin hitting a new all-time high by the end of 2020, adding:<\/p>\n<blockquote><p>\u201cThe digital gold narrative is stronger than ever. If Bitcoin captures just 10% of the total market cap of gold, we will be at $50,000 in no time.\u201d<\/p><\/blockquote>\n<figure><img decoding=\"async\" src=\"https:\/\/s3.cointelegraph.com\/uploads\/2020-11\/c2dd14ae-e500-468b-a648-330453ecdecf.png\"><figcaption style=\"text-align: center;\"><em>Bloomberg highlights Bitcoin futures open interest among its bullish signals. Source: Bloomberg<\/em><\/figcaption><\/figure>\n<h2><span class=\"ez-toc-section\" id=\"BTC_macro_performance_smothers_gold\"><\/span>BTC macro performance smothers gold<span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p>The lack of criticism contained in the article echoes growing acceptance of Bitcoin as a genuine asset, whether investment interest is coming from retail or institutional circles. <\/p>\n<p>Part of the cryptocurrency\u2019s positive image stems from its now eight-month growth spurt versus its March crash, during which it has consistently outperformed other macro assets. Even after its retreat to $17,000, Bitcoin\u2019s year-to-date returns stand at 135%, against 19% for gold and 12% for the S&amp;P 500, data from analytics resource Skew confirms. <\/p>\n<p>In the case of Gold, Mike McGlone, the Bloomberg Intelligence chief strategist who has long diverged from the broader narrative to be fully bullish on Bitcoin, believes that institutions will continue to pile in to cryptocurrency going forward.<\/p>\n<p>\u201cIs Bitcoin replacing gold? Futures and fund flows are saying Yes \u2014 Rising futures open interest and investor inflows in Bitcoin vs. the same declining for gold indicate the cryptocurrency gaining an edge for price <a href=\"https:\/\/buradabiliyorum.com\/en\/category\/download-scripts-themes-apps\/\" data-internallinksmanager029f6b8e52c=\"9\" title=\"Download Scripts &amp; Themes &amp; Apps\" target=\"_blank\" rel=\"noopener\">app<\/a>reciation, in our view,\u201d he <a rel=\"nofollow noopener noreferrer\" target=\"_blank\" href=\"https:\/\/twitter.com\/mikemcglone11\/status\/1330856869771022336\">tweeted<\/a> earlier this week.<\/p>\n<p><template data-name=\"subscription_form\" data-type=\"markets_outlook\"><\/template><\/p>\n<p>McGlone subsequently <a rel=\"nofollow noopener noreferrer\" target=\"_blank\" href=\"https:\/\/twitter.com\/mikemcglone11\/status\/1332291310632497152\">added<\/a> that gold would likely see a rebound next year, with the precious metal \u201cfavorably tilted\u201d towards regaining $2,000. <\/p>\n<p>\u201cDipping into support layers toward the end of November should provide a foundation for further gold price gains,\u201d he wrote on Friday.\n<\/p><\/div>\n<p><script async src=\"https:\/\/platform.twitter.com\/widgets.js\" charset=\"utf-8\"><\/script><\/p>\n<blockquote><p><strong><span style=\"color: #ff6600;\">If you liked the article, do not forget to share it with your friends. Follow us on\u00a0<span style=\"color: #ff0000;\"><a style=\"color: #ff0000;\" href=\"https:\/\/news.google.com\/publications\/CAAqBwgKMLG0nwswvr63Aw\" target=\"_blank\" rel=\"nofollow noopener noreferrer\">Google News<\/a><\/span>\u00a0too, click on the star and choose us from your favorites.<\/span><\/strong><\/p><\/blockquote>\n<blockquote>\n<p style=\"text-align: center;\">For forums sites go to <span style=\"color: #ff9900;\"><a style=\"color: #ff9900;\" href=\"https:\/\/forum.buradabiliyorum.com\/\" target=\"_blank\" rel=\"noopener noreferrer\">Forum.BuradaBiliyorum.Com<\/a><\/span><\/strong>\n<\/p><\/blockquote>\n<blockquote>\n<p style=\"text-align: center;\"><strong>If you want to read more <a href=\"https:\/\/buradabiliyorum.com\/en\/category\/news\/\" data-internallinksmanager029f6b8e52c=\"2\" title=\"News\" target=\"_blank\" rel=\"noopener\">News<\/a> articles, you can visit our <span style=\"color: #ff9900;\"><a style=\"color: #ff9900;\" href=\"https:\/\/en.buradabiliyorum.com\/general\/\" target=\"_blank\" rel=\"noopener noreferrer\">General category.<\/a><\/span><\/strong><\/p>\n<\/blockquote>\n<p><span style=\"color: black;\"><a style=\"color: #ff9900;\" href=\"https:\/\/cointelegraph.com\/news\/bloomberg-lists-5-bullish-trends-for-bitcoin-price-despite-thanksgiving-crash\" target=\"_blank\" rel=\"noopener noreferrer\">Source<\/a><\/span><\/p>\n","protected":false},"excerpt":{"rendered":"<p>&#8220;# Bloomberg lists 5 bullish trends for Bitcoin price despite \u2018Thanksgiving crash\u2019 &#8221; Bitcoin (BTC) continues to convert some of its harshest traditional critics from mainstream finance as Bloomberg admits that this bull run is nothing like 2017.\u00a0 In an article on Nov. 27, the publication known for its pessimism highlighted a range of Bitcoin&#8230;<\/p>\n","protected":false},"author":1,"featured_media":121523,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"fifu_image_url":"https:\/\/s3.cointelegraph.com\/uploads\/2020-11\/952549f0-77e6-4437-aaec-02377d269836.jpg","fifu_image_alt":"","footnotes":""},"categories":[1],"tags":[74862,74937,71835,73785],"class_list":["post-121522","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-general","tag-bitcoin","tag-bitcoin-price","tag-gold","tag-markets"],"_links":{"self":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/posts\/121522","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/comments?post=121522"}],"version-history":[{"count":0,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/posts\/121522\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/media\/121523"}],"wp:attachment":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/media?parent=121522"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/categories?post=121522"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/tags?post=121522"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}