The trader in question shared the chart on August 23rd. The chart shows that should Bitcoin’s trajectory continue to follow that of silver, the cryptocurrency will soon trade at $20,000. After hitting $20,000, the fractal also suggests that BTC will move to $30,000.
Few analysts actually expect Bitcoin to hit $30,000 this year, especially in just a few months. But many analysts and investors, like BitMEX’s Arthur Hayes and Galaxy Digital, are adamant that $20,000 will be breached in 2020.
The fundamentals, like the silver fractal aforementioned, also suggest that Bitcoin is likely to move higher from here.
Mike McGlone, the senior commodity analyst at Bloomberg Intelligence, recently said that Bitcoin’s trend of volatility suggests an uptrend is intact:
“Stuck between 3-9x over the past few years, the price of #Bitcoin per ounce of #gold tilts the crypto toward resuming appreciation, if volatility history tells us anything. The Aug. 19 cross rate of 6x is the same as in 2017, yet Bitcoins’s volatility has dropped relative to gold.”
McGlone has been touting the Bitcoin bull case for months now.
Also core to his positive sentiment is the influx of investment the cryptocurrency space is seeing, exemplified by institutional money flows through the CME, Grayscale, and other avenues:
“Bloomberg Intelligence Commodity Primer – Something unexpected needs to happen for #Bitcoin’s price to stop doing what it’s been doing for most of the past decade: appreciating. Demand and adoption metrics remain favorable vs. the #crypto asset’s unique attribute of fixed supply.”
McGlone says that Bitcoin could hit $20,000 in 2020, citing the similarities between this market cycle and the last one.
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