Bloomberg expects bitcoin to double to $20,000 this year

[CryptoInvestor]

Bloomberg expects bitcoin to double to $20,000 this year, says something needs to go 'really wrong' for it to not appreciate (BTCUSD)

Matthew Fox

Jun. 4, 2020, 10:57 AM
Reuters

Bloomberg expects bitcoin to revisit its record high reached in 2017 and double to $20,000 this year, according to an analyst note published Tuesday.
The firm sees bitcoin breaking away from other cryptocurrencies, and says the digital currency has increasingly favorable fundamentals and technicals.
Bloomberg says the same forces pushing gold higher also support bitcoin, and that the coronavirus is accelerating bitcoin's maturity relative to the stock market.
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Bloomberg is taking the opposite side of Goldman Sachs, saying in a note published on Tuesday that bitcoin can double to $20,000 this year.
Last week, Goldman listed five reasons why bitcoin should be avoided by investors.
The most popular cryptocurrency has so many favorable fundamental and technical factors that "something needs to go really wrong for bitcoin to not appreciate," Bloomberg said.

The company said history indicates bitcoin should return to $20,000 in 2020, representing roughly a double from current levels.
"Bitcoin will approach the record high of about $20,000 this year, in our view, if it follows 2016's trend," according to Bloomberg.
The maturation of bitcoin, fueled by the growing acceptance of digital currencies, the ability to trade bitcoin futures, and a steady decline in volatility, should keep it tilted toward price appreciation, the research note said.
Read more: The head of BlackRock's $1 trillion ETF-investing business told us the 3 biggest growth opportunities on his radar - and explained how to start taking advantage of them now
Additionally, Bloomberg expects bitcoin to appreciate if the stock market rolls over.

Technically, bitcoin has solidified the $8,000 level as support, and could move higher if it decisively breaks above the $10,000 level, which echoes recent comments from technical analyst Katie Stockton.
Bloomberg said it thinks that bitcoin is benefiting from the coronavirus pandemic, for several reasons.
First, historic declines in equity markets because of the virus didn't spill over to bitcoin, as a brief dip in the cryptocurrency was "promptly rejected," Bloomberg said.
Second, the virus is accelerating the shift away from paper currency toward digital.
And third, new quantitative easing policies from central banks around the globe are "helping independent stores of value such as gold and bitcoin," according to Bloomberg.

But Bloomberg's bullish view on bitcoin doesn't translate to other cryptocurrencies like ethereum.
"We see little upside in ethereum price absent a rising tide from bitcoin. [Bitcoin] is breaking away from the pack in terms of adoption and is supported by almost ideal macroeconomic conditions for stores-of-value amid quantitative easing," Bloomberg said.
Bloomberg now joins other influential investors in being bullish on bitcoin, including hedge fund manager Paul Tudor Jones and billionaire investor Chamath Palihapitiya.
Bitcoin traded up 1% to $9,762 on Wednesday.

https://markets.businessinsider.com/currencies/news/bitcoin-price-forecast-bloomberg-expects-double-this-year-cryptocurrency-2020-6-1029281615

[megusen]

I hope it will happen. All people waiting for this moment. And carry out a massive buy for bitcoin for the foreseeable future. 1 coin of Bitcoin price will hit 20K per coin it's very expensive. But if from an investor perspective it's very cheap. 

[Altcoin1998$]

Not impossible. All will happen in cryptocurrency market because cryptocurrency market always uncertain in nature and none can predict definitely what would be happened. So 20000$ possible....

[Andruha1993]

I also hope that the price of Bitcoin should increase this year. But I do not know and no one knows how much it will increase. Therefore, we just need to observe and wait for this.

[alltalk]

Indeed Bitcoin has a chance to achieve the same ATH like in 2017 or even more. But not really sure to happen this year or the next year. I think we can know that Bitcoin will go to a higher rate to $15,000 or $20,000 if the Bitcoin price can pass $10,000 in the near future. While if the Bitcoin price drops in the near future to $8,000 or even lower, I doubt it can continue to $6,000 or $5,000, and then will be hard to come back to positive trend again.

[Cryptoz]

Whoever they are, the expectation about the high price of BTC makes sense. We have Bitcoin halving this year that has been done. In this case, commonly the price can increase highly and significantly. Although right now is still in this stage, down era, I'm sure that the price can reach higher, at least $12k

[UNIVERSE]

$20,000 to reach this year is possible and not only a dream. Unfortunately, no one really knows that it will happen or not. Because the Bitcoin price is very volatile, it can move up fast but it also can drop suddenly.

[mlawson71]

It is possible, but time will tell how probable it is. So far it's struggling.

[KKH84]

Of course it is everyone's hope to touch at the price of $ 20,000 or even more, but for this year in my opinion it will be difficult despite all the analysis and predictions made by Bloomberg, we all know the prolonged tension between China and the USA indirectly has  influence in the world of cryptocurrency, because the two countries are big investors in it.

[Noverteno]

The price effect of halving the remuneration of miners will appear in about a year, however, bitcoin could rise in price up to $ 20,000 or even higher if the world soon faces a severe global economic crisis. Therefore, the forecast is quite real.

[TomPluz]

Maybe by December this can happen. As of now, there is a dip in BTC as usual as it failed to get over the $10,000 zone. I am already sure that right now, many institutions are looking to enter BTC as this present dip can be a good opportunity they are looking for.

[Prime]

The prediction will be always prediction. Many people can predict that BTC will reach $20k this year, $40k this year. But personally, in my opinion, the price will really depend on the market. It may be so difficult o realize the price. Now, BTC is around $9200. SO, what expectation we have next? It will increase but not significantly

[BradSow]

Anythink can happen, but I think it's will be more likely Btc BTC reaching $10k.

[highnayem34]

Bitcoin can approach the $20k level in 2020/2021, but not necessarily because of prior year’s trends. It is easy to say that it will reach $20k IF it follows 2016′s trends. It have a chance of approaching the $20k level.

[Bobcrypto]

Bitcoin approaching the $20k record of the year 2017 is unpredictable, and I think it not realistic in 2020. The all time high of 2017 was not predicted or forecast by any analyst or experts, and a repeat of another "all time high", may follow the same trend. I think it gonna happen unexpected and may be cause by a higher demand.