Bloomberg Analyst Says Bitcoin Officially in Bull Market Territory After 2020-Style Break of Critical Resistance

By The Daily Hodl October 27, 2023 In Bitcoin
Source: Jamie Coutts/X

A Bloomberg crypto analyst says that Bitcoin’s (BTC) latest move to the upside confirms the crypto king is now in a bull market cycle.

Blockchain analyst Jamie Coutts says on the social media platform X that Bitcoin’s breakout is comparable to a 2020 move that set the stage for a massive uptrend.

“What Bitcoin price action has done this week from a technical standpoint is the equivalent of the breakout above $10,500 resistance in July 2020. Price has cleared a massive supply overhang – the largest in its history.

Whilst there will be pullbacks, as we saw in Q3 2020, price is confirming the bull market regime, which I called in December 2022 based on my liquidity and market structure analysis.”

Source: Jamie Coutts/X

According to Coutts, crypto user growth could explode by about 1,900% by 2028 on the back of stablecoin adoption, the tokenization of real world assets (RWAs), and the potential implementation of account abstraction.

The analyst predicts that traditional financial institutions who once doubted the industry will be forced to change their stance next year as “the realities of fiat finance” become evident.

“Watch TradFi (traditional finance) companies who bottom ticked one of the biggest financial market transformations of the past century, reverse course in 2024. As Bitcoin eyes the throne as the next global reserve asset, pensions and fund managers clutching their ‘risk-free’ US Treasuries are having to relearn the foundational tenets of risk management, diversification, and position size, while being introduced to the inescapable realities of fiat finance.

Tokenization of real-world assets, account abstraction, and the rise of stablecoins are about to take crypto from five to 10 million crypto daily users to 100 million by 2028.”

BTC is worth $34,764 at time of writing.

Generated Image: DALLE-3

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