Bloomberg: Bitcoin Rate Will Be 28,000 By December 2020
Bloomberg experts believe that Bitcoin currently has both technical and fundamental factors for further growth. They also believe that this year the Bitcoin rate will overcome its historical maximum and rise above 20 thousand US dollars.
Mike McGlone's Report
Bloomberg senior analyst Mike Mcglone published a fresh report after he had carried out a detailed analysis of soon prospects for Bitcoin.
— Mike McGlone (@mikemcglone11) June 3, 2020
The analyst believes the main catalysts for BTC rate growth are:
- the increased trading volume of bitcoin futures,
- Bitcoin "growing up” as an investment asset,
- increasing interest from institutionalists.
Mcglone believes that Bitcoin rate is likely to grow this year, he does not exclude the BTC rate of $28,000 at the end of the year.
The Covid-19 pandemic affected Bitcoin as well, and it only contributed to it. The fact is that the policy of quantitative easing (printing of not backed fiat currencies) of central banks during the crisis significantly reduced the volatility of the main crypto asset.
“The volatility of Bitcoin is about two times higher than that of Nasdaq. When the cryptocurrency price and the index first crossed in 2017, this figure was seven times higher, ” the analyst writes.
Institutional investors are interested in the crypto market
The growing popularity of Bitcoin among large investors is also one of the key factors that contribute to a further upward movement in its rate. For example, Grayscale Investments company buys almost a quarter of all the coins that enter the market. Last year, this figure was not more than 10%.
Recall, earlier Mike Mcglone predicted recovery of the Bitcoin rate after a halving above $10,000, and it really happened.
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