In 2020, Bloomberg Predicts Bitcoin May Reach $20,000

In 2020, Bloomberg Predicts Bitcoin May Reach $20,000

Bloomberg seems to have joined the long list of entities on Bitcoin which are pretty bullish. The number one coin could be hitting $20,000 before the end of the year, as per a Bloomberg Crypto Outlook publication.

One justification Bloomberg predicts that Bitcoin matures very amazingly. It contrasted the maturity rate of Bitcoin to that of other assets such as conventional stock-market securities, and other assets such as oil.

The report talks about the adoption of Bitcoin, and how the number of active addresses grows substantially. This points to the fact that many more people use Bitcoin today, adding to its rapid maturity.

Bitcoin currently trades at $9,678. It scaled the $10,000 very shortly efficiently days ago before the price came down again. The achievement came shortly after US President Donald Trump threatened the protesters with military action. Bitcoin also tried to scale this mark about 5 times last month but failed.

Technically, if Bitcoin successfully reaches $9,800 and stays over the mark for some time, it might trade sideways. Its RSI is up and trading around 60. It had gone as low as 40 in the prior month.

Bitcoin’s Advance to the Digital Equivalent of Gold
The coronavirus pandemic has pushed the maturity of Bitcoin, the report states. Based on readings of uncertainty, Bitcoin wins the upper hand, against the stock market. The 260-day measure of Bitcoin’s volatility is the lowest ever compared to the stock indicator.

As the volatility of Bitcoin against crude oil is at its lowest ever, this indicates that the cryptocurrency joins the mainstream and progresses toward the digital equivalent of gold. The volatility of Bitcoin is around 2x that of the Nasdaq. When the price and index of Bitcoin first crossed paths in 2017, analysis indicates.

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Author : Azeez Mustapha


Azeez Mustapha is an experienced author, trader, markets analyst, signals strategist, and funds-manager.