Bloomberg Says BTC Can Return To $20k
The crypto market looks pretty good today, with the most important coins trading in the green and Bitcoin is no exception.
Bloomberg recently released a report that reveals the fact that the company is expecting the king coin to look back on 2017 and return to its all-time high or even above that.
Coronavirus highlights Bitcoin’s strength
The report is suggesting the fact that the current coronavirus pandemic sped up the shore nature of BTC as an asset.
This is highlighting BTC’s strength and all this is happening during times of economic turmoil in the world.
Also, there have been more investors in Bitcoin and the fact that their number is on the rise is showing increased trust in the digital asset as a safe haven.
The report also highlights the fact that there’s an increase in appetite for institutional investors that is playing a massive role in boosting Bitcoin.
“So far this year, its increasing AUM has consumed about 25% of new Bitcoin-mined coins vs. less than 10% in 2019. Our graphic depicts the rapidly rising 30-day average of GBTC AUM near 340,000 in Bitcoin equivalents, about 2% of total supply. About two years ago, it accounted for 1%,” according to the report as cited by Crypto Daily.
Bitcoin can surpass its all-time high
The report asks the question whether Bitcoin can return to its all-time high of $20k or even higher.
After the halving that took place in May, a lot of people were expecting to see the king coin during immediately and they remained disappointed in the outcome.
On the other hand, the report released by Bloomberg shows that something has to go extremely wrong so that BTC will not increase in value anymore.
They assume that the king coin will approach its high of $20,000 and could even reach a new one of $28,000.
“Last year, the high was about $14,000, which would translate into almost double in 2020 if rotating within the recent band, and mean little in the big picture,” according to the report.
CoinMarketCap is a website that provides cryptocurrency market cap rankings, charts, and more. It was purchased by Binance for $400M in 2020.
Eduard Watson Author
An experienced finance writer for more than 10 years, active industry watcher, and gadget enthusiast.