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Bitcoin (BTC) Has So Far Had Bad Year: Bloomberg

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Tue, 02/04/2020 - 18:51
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Alex Dovbnya
Bitcoin (BTC) started 2020 on a high note but Bloomberg believes that there is a lot left to prove for the bulls
Bitcoin (BTC) Has So Far Had Bad Year: Bloomberg
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Considering Bitcoin just had its best January since 2013, it would be bizarre to say that 2020 has been bad for the crypto king. However, leading financial publication Bloomberg apparently thinks so. 

Related
Ethereum (ETH) Could End Up Overshadowing Bitcoin (BTC) in 2020

Undermined narratives

In Tuesday’s newsletter, Bloomberg states that Bitcoin’s major narratives have been undermined by surging altcoins. Ethereum (ETH), Litecoin (LTC), and lesser-known altcoins ended up significantly outperforming the biggest cryptocurrency. 

Unlike Bitcoin, altcoins are not viewed as safe-haven assets. Moreover, neither ETH nor LTC is driven by the halving narrative. Hence, it appears to be just “a broad-based crypto pump” that cannot be explained with high-flown words.  

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A fading rally 

Despite all the $10,000 calls, Bitcoin has faded, with its price dropping below the do-or-die $9,200 support level. If BTC fails to pick up steam throughout the month, this could be the first February in seven years with a red candle. 

As reported by U.Today, Bloomberg predicted that the upcoming halving could produce “a big bear market” due to the disillusionment of traders who expected a major price rally similar to previous cycles. 

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About the author

Alex Dovbnya (aka AlexMorris) is a cryptocurrency expert, trader and journalist with extensive experience of covering everything related to the burgeoning industry — from price analysis to Blockchain disruption. Alex authored more than 1,000 stories for U.Today, CryptoComes and other fintech media outlets. He’s particularly interested in regulatory trends around the globe that are shaping the future of digital assets, can be contacted at alex.dovbnya@u.today.