A new 2020 crypto outlook report on Bitcoin from Bloomberg has been released, revealing just how bullish the company’s analysts are on BTC suggesting that the current active addresses point to prices closer to $12,000 in the short term.
Bloomberg researchers are growing increasingly bullish on the first-ever cryptocurrency. The current global economic environment is the perfect recipe for the asset’s price to climb higher, according to the brand.
“Unparalleled global central bank easing and rising gold values are enduring trends favoring a higher Bitcoin price,” the report reads.
Bloomberg researchers believe that the low volatility in the asset transitioning from a speculative asset to digital gold. Volatility recently reached lows compared to major stock indices like the Nasdaq.
The asset’s hard capped supply of just 21 million BTC versus steadily growing demand tips the scales “toward price appreciation,” they say.
The report also claims that based on active Bitcoin addresses, fair market value is closer to $12,000 for the leading cryptocurrency by market cap.
Data sets also show that Bitcoin is maturing and volatility is decreasing compared to the stock and commodities markets. A comparison with crude oil, Bloomberg says, demonstrates “nascent technology designed to increase in fiat-currency terms vs. the primary commodity that’s deflationary and redundant.”
They further conclude that Bitcoin is a “caged bull set for a breakout, and claim the asset is eying resistance at $13,000.
Breaking through that level would allow the cryptocurrency to attempt a retest of its former all-time high. This peak was set back at the height of the crypto hype bubble at $20,000.
But what do Bloomberg researchers think about altcoins? They suggest that the “oversupplied crypto market has little chance of appreciation” without a Bitcoin bull run.
With Bloomberg essentially claiming a new Bitcoin bull run is just about here, the entire crypto space could once again see soaring prices.
In other trending Crypto News today:
Chainlink just set a new all-time high, with LINK prices pushing $5.6. Despite investor optimism around the altcoin, data shows that big investors are getting ready to take profits.
Roughly $200 million was injected into Chainlink over the past 24 hours. The substantial buying pressure behind this altcoin allowed it to turn a mid-March’s high of nearly $5 into support. Following the upswing, investors seem to have FOMOed, pushing LINK’s price further to reach a new all-time high of $5.60.
And in other trending Bitcoin News today:
Bitcoin-Friendly Kanye West Running for US President 2020, Taking on Donald Trump and Joe Biden
Kanye West announced on Independence Day that he is running for president of the United States in 2020, taking on Donald Trump and former Vice President Joe Biden. Responding to the bitcoin-friendly singer with 21 Grammy Awards, Tesla and Spacex CEO Elon Musk said West has his full support.
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Show Notes / News Resources:
– Bloomberg Report: https://data.bloomberglp.com/professional/sites/10/Bloomberg-Indices-Outlook_Cryptos_July-2020.pdf
DISCLAIMER: This is NOT financial advice. The views and opinions expressed in this video are just opinions, nothing more. Trading is very risky and so is investing into Cryptocurrency. Seek financial advice from a professional and trade at your own risk because I am not responsible for any investment decisions that you choose to make.
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