Bitcoin Will Reach All-Time High This Year, Bloomberg Says
Today, Bitcoin is trading in the red. At the moment of writing this article, Bitcoin is trading at $9,695.61.
Bitcoin could reach new all-time highs this year
Bloomberg just published the latest outlook on crypto markets and made a case for why Bitcoin could touch about $20k this year.
The main technical analysis from Bloomberg Intelligence strategist Mike McGlone brought up BTC’s prior price movements after the first and second halving.
If things were to happen in the same manner, McGlone said that Bitcoin will follow a 3-year cyclical pattern and reach $20k by the end of 2020.
“Bitcoin is mirroring the 2016 return to its previous peak. That was the last time supply was halved, and the third year after a significant peak. Our graphic depicts Bitcoin marking time for a third year following the parabolic 2017 rally,” he said.
He continued and explained that “After 2014’s 60% decline, by the end of 2016 the crypto about matched the 2013 peak. Fast forward four years and the second year after the almost 75% decline in 2018, Bitcoin will approach the record high of about $20,000 this year, in our view, if it follows 2016’s trend.”
Check out the complete Bloomberg analysis in order to find out more details.
Bitcoin will begin the race towards $150k in April 2021
One of the few crypto analysts who correctly called Bitcoin’s 2019 pullback who now said that BTC is getting ready to exit a long term bear trend that kicked off about two and a half years ago.
Dave the Wave highlights Bitcoin’s movements inside a symmetrical triangle dating back to late 2017.
According to his predictions, BTC will start a massive bull run to $150k on April 15, 2021.
He also made sure to point out that the massive money printing and the fiscal stimulus will benefit Bitcoin.
2020 is a hard year – we’re in the middle of a global crisis triggered by the coronavirus pandemic and now, the US protests will also hit the economy and its revival badly.
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Eduard Watson Author
An experienced finance writer for more than 10 years, active industry watcher, and gadget enthusiast.