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Could BTC return to it’s high of $20,000? New Bloomberg report suggests so

cryptodaily

1mon ago

Bloomberg recently released a report that reveals that the company is expecting the leading cryptocurrency, bitcoin to look back on 2017 and potentially return to its all-time high of $20,000, if not $28,000…

The report by Bloomberg goes on to suggest that the current pandemic brought on by COVID-19 sped up the shore nature of bitcoin as an asset. It is showing strength and this is all during times of economic turmoil in the world. The report further highlights that the increase in appetite for many institutional investors have/are playing a big role in the future of the leading coin.

“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%.”

But can bitcoin return to its all-time high of $20,000, if not higher? That is the question that has been asked in the industry since 2017 and it’s one that we highly anticipated to occur. Following the bitcoin halving event last month, many people expected the King coin to return to this height if not higher but were disappointed in the outcome.

The Bloomberg report highlights that something needs to go really wrong for bitcoin not to increase its value and goes on to say that it will approach its high of $20,000 and could even reach a new one of $28,000. The report states:

“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.”

For more news on this and other crypto updates, keep it with CryptoDaily!

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