Is Bitcoin at $20k the same as Bitcoin at $3k in 2018?

Is Bitcoin at $20k the same as Bitcoin at $3k in 2018? kitconews gold silver investing metals mining economics finance

With many debating the length of this Bitcoin bear market, Bloomberg Intelligence compared the current $20,000 level to the $3,000 level back in 2018.

“Bitcoin at $20,000 may be looked back upon like $2 in 2011, $200 in 2015 and $3,000 in 2018. Bitcoin and Ether risk measures are falling vs. equities, and the potential for U.S. regulation shows mainstream maturation," said Bloomberg Intelligence senior commodity strategist Mike McGlone."The significance of about $2 in 2011, $200 in 2015, and $3,000 in 2018, is they were Bitcoin base- building levels when reaching a similar discount to its 50-week moving average as at the start of 2H.

Going forward, it is unlikely that Bitcoin will trade below the $20,00 level on a sustained basis, McGlone's outlook added.

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