Bloomberg Crypto Outlook's latest take on cryptocurrencies is all about Bitcoin, and the major financial media outlet is not shy about it, naming the November's report for 2019 "The Bitcoin Gold Standard".

The publication, which is based on Bloomberg's Galaxy Crypto Index (BGCI), includes several points of view from various financial analysts and Bloomberg experts who, despite the different angles, seem to agree on one fact: Ethereum and other altcoins will have to wait patiently for their respective turns of growth as Bitcoin first has to reach a new all-time high, essentially surpassing the $20,000 mark per BTC.

The BGCI index, which includes Bitcoin, Ethereum, Monero, Ripple, and ZCash in its observation list, is currently quoted at around 375.

The official report cites that the index had a +10.6% growth in October 2019, and a +54.8% annual growth through November 5th, while Bitcoin alone experienced a +11.5% growth during October and +155.7% through November 5th this year.

Fintech analysts including Three Arrows Capital CEO Su Zhu didn't take long to start a wave of tweets, saying that Ethereum, Ripple and other altcoins included in Bloomberg's Crypto Index are unlikely to overlap their June 2019 levels until Bitcoin reaches a record high.

Furthermore, Bloomberg experts suggest that Bitcoin's October dip indicates a strong support level for the king of cryptocurrencies, adding that we shall experience BTC fluctuating between $8,000 and $12,000 USD until the end of the year.

During this period, Bloomberg analysts expect adoption by new buyers, while holders who have acquired Bitcoin prior to and during 2017 will be trying to find an over $10,000 spot to liquidate some of their long-held digital assets.

Is Bitcoin the 'bus-driver' again or always?

While most analysts agree on the fact that there will be some sideways movement before a new burst in buys occurs when talking about Bitcoin, statistical data suggests that Bitcoin futures are particularly bullish despite the flat period which is expected to last until the end of the year.

It is important to note almost every analyst on the matter agrees with Bloomberg's findings suggesting that there will be no sunlight for altcoins to grow until we see Bitcoin at a new all-time high.

This was also the matter back in 2017-18 where investors debated whether Bitcoin influences directly or indirectly the adoption, and therefore the price and liquidity levels, of Ethereum and other altcoins or not.

On the other hand, we can recall Ethereum's rally in January 2018, where the price of ETH reached its ATH at around $1,400 per unit. During that period, Bitcoin was already speeding downhill and could be bought for anywhere between $12,000 and $13,000 per BTC, compared to its respective ATH at over $19,000.

The introduction of Ethereum 2.0 can be totally coincidental or very-well organized, considering that it will start to be implemented as soon as early next year.

In our previous article, you can learn why Ethereum's co-founder Joe Lubin believes that Ethereum 2.0 is the original Ethereum the developers initially had in their minds.