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Bloomberg analyst expects bitcoin price to double to $20k this year

June 16, 2020 By Crypto Reporter

Bloomberg analyst Mike McGlone says that all signs point to Bitcoin going on the major bull run in 2020.

“History indicates bitcoin toward $20,000 in 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. 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,” noted noted Bloomberg Crypto Outlook in a monthly report.

The report suggests that COVID-19 has accelerated Bitcoin’s maturation as an asset, showing its strength amid declining equities. In addition, it points to the ever-increasing appetite from institutional investors, and Grayscale (GBTC) in particular, which has been consuming about 25% of the the new supply: “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%.”

Put simply, demand looks to be outstripping supply and that is a classic factor driving price rises, regardless of the asset. Additionally, the unprecedented monetary and fiscal stimulus lifelines launched by central banks and governments across the globe to counter the coronavirus-induced economic crisis and joblessness is widely expected to push up inflation, leading to a further increase in demand for bitcoin.

But Bloomberg’s bullish view on bitcoin doesn’t translate to other cryptocurrencies like ether.

“We see little upside in the ETH price absent a rising tide from bitcoin,” Bloomberg said, adding that 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.”

Filed Under: General News, News Tagged With: bitcoin, Bloomberg, BTC, news

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