The crypto market looks pretty bloody today with the most important coins trading in the red.

Bitcoin is no exception, and the king coin is priced at $11,680.06.

Bloomberg released a new outlook on the crypto markets

It’s been revealed that Bloomberg just released its latest outlook on the crypto markets.

Bloomberg Intelligence senior commodity strategist Mike McGlone said that Bitcoin’s adoption among mainstream investors is on the rise.

He is expecting an advantageous macroeconomic landscape to sustain a Bitcoin bull run that will “dust” the Nasdaq.

“Increasing adoption and vehicles for exposure, and custody, are accelerating Bitcoin into the mainstream of investments. In a world of zero and negative interest rates and diminishing equity-price returns due to quantitative easing, the quasi currency stores of value – gold and Bitcoin – are finding increasing investor interest…” he said.

He also explained: “Bitcoin $10,000 Breach Set to Dust Nasdaq – Fundamentally bullish and breaking above key $10,000 resistance, Bitcoin has a solid foundation on the back of a steep correction and period of disdain, in our view.”

He continued and said that Bitcoin’s growing fundamentals are suggesting that BTC is solidifying its position as the digital gold.

He also said that the king coin is no longer the speculative asset that it used to be, “with the Bollinger Bands momentum indicator suggesting a burst to $13,000 is imminent.”

On the other hand, the analyst said that ETH’s bullish period is fueled by speculation unlike BTC which has a growth that is driven by fundamental growth.

Check out more data in the original article by The Daily Hodl.

Bullish BTC prediction

In other news, it’s been revealed that in a new interview with Thinking Crypto, Dan Morehead said that the company’s largest allocation is in Bitcoin.

He also said that BTC would hit $115k by August 2021, based on the firm’s stock-to-flow analysis of previous halvings.

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