{"id":3974,"date":"2020-06-08T14:12:25","date_gmt":"2020-06-08T14:12:25","guid":{"rendered":"https:\/\/atozcrypto.org\/?p=3974"},"modified":"2020-06-08T14:12:25","modified_gmt":"2020-06-08T14:12:25","slug":"bitcoin-could-reach-20000-this-year-says-bloomberg-strategist","status":"publish","type":"post","link":"https:\/\/atozcrypto.org\/bitcoin-could-reach-20000-this-year-says-bloomberg-strategist\/","title":{"rendered":"Bitcoin could reach $20,000 this year, says Bloomberg strategist"},"content":{"rendered":"<h4><\/h4>\n<p><a href=\"https:\/\/amzn.to\/2UpbPTk\"><img decoding=\"async\" class=\"wp-image-3969 aligncenter\" src=\"https:\/\/atozcrypto.org\/wp-content\/uploads\/2020\/06\/1500x150-300x30.jpg\" alt=\"\" width=\"910\" height=\"91\" srcset=\"https:\/\/atozcrypto.org\/wp-content\/uploads\/2020\/06\/1500x150-300x30.jpg 300w, https:\/\/atozcrypto.org\/wp-content\/uploads\/2020\/06\/1500x150-1024x102.jpg 1024w, https:\/\/atozcrypto.org\/wp-content\/uploads\/2020\/06\/1500x150-768x77.jpg 768w, https:\/\/atozcrypto.org\/wp-content\/uploads\/2020\/06\/1500x150-850x85.jpg 850w, https:\/\/atozcrypto.org\/wp-content\/uploads\/2020\/06\/1500x150.jpg 1500w\" sizes=\"(max-width: 910px) 100vw, 910px\" \/><\/a><\/p>\n<h4>Quick Take<\/h4>\n<ul>\n<li>Bloomberg Intelligence strategist Mike McGlone expects bitcoin to reach $20,000 this year<\/li>\n<li>McGlone said both technical and fundamental factors are supporting that view<\/li>\n<li>\u00a0The strategist also expects Tether to surpass ether in terms of market share<\/li>\n<\/ul>\n<p>Bitcoin is expected to continue rising and reach $20,000 this year, according to Bloomberg Intelligence&#8217;s senior commodity strategist Mike McGlone.<\/p>\n<p>Both technical and fundamental factors are &#8220;increasingly favorable&#8221; for bitcoin, McGlone said in a new report\u00a0<a href=\"https:\/\/data.bloomberglp.com\/professional\/sites\/10\/Bloomberg-Indices-Outlook_Cryptos_June-2020.pdf\">published<\/a>\u00a0on Wednesday. Some of these factors include bitcoin\u2019s maturity against other investment options, rising futures open interest and more buy-and-hold interest from institutional investors.<\/p>\n<p>McGlone said, \u201csomething needs to go really wrong for bitcoin to not appreciate.\u201d He expects bitcoin to even possibly touch $28,000.<\/p>\n<p>\u201cBitcoin ended 2019 at about $7,000, near the bottom of its range, favoring a shift toward the peak. Last year, the high was about $14,000, which would translate into almost double in 2020 if rotating within the recent band,\u201d said McGlone.<\/p>\n<p>&nbsp;<\/p>\n<div class=\"position-relative light-box-expand\"><img decoding=\"async\" class=\"aligncenter\" src=\"https:\/\/data.bloomberglp.com\/professional\/sites\/10\/154.png\" alt=\"Chart showing Bitcoin Breaching $10,000 Takes the Market Gold\" \/><\/div>\n<div><\/div>\n<p>The coronavirus pandemic and central-bank easing are \u201caccelerating\u201d bitcoin\u2019s maturity and reducing volatility, said McGlone, adding: \u201cBitcoin volatility is about 2x the Nasdaq. It was closer to 7x when the crypto price and index first crossed paths in 2017.\u201d<\/p>\n<p>Another factor supporting bitcoin is rising buy-and-hold interest from institutions, as indicated by the growth in bitcoin futures\u2019 open interest and assets under management of Grayscale Bitcoin Trust (GBTC), said McGlone.<\/p>\n<p>\u201cRecently reaching about 50,000 bitcoins, futures open interest isn&#8217;t a large portion of total supply, but futures are significant as a primary gateway for the benchmark crypto to become a mainstream asset class,\u201d said the strategist.<\/p>\n<p>&nbsp;<\/p>\n<p><a href=\"https:\/\/amzn.to\/37e38QV\"><img decoding=\"async\" class=\"wp-image-3968 aligncenter\" src=\"https:\/\/atozcrypto.org\/wp-content\/uploads\/2020\/06\/2020FD_LPHero_Desktop_A_uk-300x60.jpg\" alt=\"\" width=\"745\" height=\"149\" srcset=\"https:\/\/atozcrypto.org\/wp-content\/uploads\/2020\/06\/2020FD_LPHero_Desktop_A_uk-300x60.jpg 300w, https:\/\/atozcrypto.org\/wp-content\/uploads\/2020\/06\/2020FD_LPHero_Desktop_A_uk-1024x205.jpg 1024w, https:\/\/atozcrypto.org\/wp-content\/uploads\/2020\/06\/2020FD_LPHero_Desktop_A_uk-768x154.jpg 768w, https:\/\/atozcrypto.org\/wp-content\/uploads\/2020\/06\/2020FD_LPHero_Desktop_A_uk-1536x307.jpg 1536w, https:\/\/atozcrypto.org\/wp-content\/uploads\/2020\/06\/2020FD_LPHero_Desktop_A_uk-2048x410.jpg 2048w, https:\/\/atozcrypto.org\/wp-content\/uploads\/2020\/06\/2020FD_LPHero_Desktop_A_uk-850x170.jpg 850w\" sizes=\"(max-width: 745px) 100vw, 745px\" \/><\/a><\/p>\n<p>&nbsp;<\/p>\n<p>As for the GBTC AUM growth, McGlone said the increasing AUM of the trust has consumed about 25% of new bitcoin-mined coins versus less than 10% in 2019. \u201cThe 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%,\u201d said McGlone.<\/p>\n<p>Notably, he also expects the Tether (USDT) stablecoin to surpass ether (ETH) in terms of market share and reach the number two spot. \u201cBenefiting from widespread adoption with a viable case as a proxy for the world&#8217;s reserve currency, there seems little to stop the increasing adoption of the dollar-linked stable coin,\u201d said McGlone.<\/p>\n<p>&nbsp;<\/p>\n<div class=\"position-relative light-box-expand\"><img decoding=\"async\" class=\"aligncenter\" src=\"https:\/\/data.bloomberglp.com\/professional\/sites\/10\/420.png\" alt=\"Chart showing Bitcoin's Upward Trajectory With Tether AUM\" \/><\/div>\n<div><\/div>\n<div style=\"text-align: center;\">Souce: https:\/\/www.theblockcrypto.com\/post\/67386\/bitcoin-could-reach-20000-this-year-says-bloomberg-strategist<\/div>\n<div><\/div>\n<div><\/div>\n<div><\/div>\n<div><a href=\"https:\/\/amzn.to\/2UpbPTk\"><img decoding=\"async\" class=\"wp-image-3969 aligncenter\" src=\"https:\/\/atozcrypto.org\/wp-content\/uploads\/2020\/06\/1500x150-300x30.jpg\" alt=\"\" width=\"680\" height=\"68\" srcset=\"https:\/\/atozcrypto.org\/wp-content\/uploads\/2020\/06\/1500x150-300x30.jpg 300w, https:\/\/atozcrypto.org\/wp-content\/uploads\/2020\/06\/1500x150-1024x102.jpg 1024w, https:\/\/atozcrypto.org\/wp-content\/uploads\/2020\/06\/1500x150-768x77.jpg 768w, https:\/\/atozcrypto.org\/wp-content\/uploads\/2020\/06\/1500x150-850x85.jpg 850w, https:\/\/atozcrypto.org\/wp-content\/uploads\/2020\/06\/1500x150.jpg 1500w\" sizes=\"(max-width: 680px) 100vw, 680px\" \/><\/a><\/div>\n","protected":false},"excerpt":{"rendered":"<p>Quick Take Bloomberg Intelligence strategist Mike McGlone expects bitcoin to reach $20,000 this year McGlone said both technical and fundamental factors are supporting that view \u00a0The strategist also expects Tether to surpass ether in terms of market share Bitcoin is expected to continue rising and reach $20,000 this year, according to Bloomberg Intelligence&#8217;s senior commodity &hellip;<\/p>\n","protected":false},"author":1,"featured_media":3932,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"pgc_meta":"","_bbp_topic_count":0,"_bbp_reply_count":0,"_bbp_total_topic_count":0,"_bbp_total_reply_count":0,"_bbp_voice_count":0,"_bbp_anonymous_reply_count":0,"_bbp_topic_count_hidden":0,"_bbp_reply_count_hidden":0,"_bbp_forum_subforum_count":0,"om_disable_all_campaigns":false,"_monsterinsights_skip_tracking":false,"_monsterinsights_sitenote_active":false,"_monsterinsights_sitenote_note":"","_monsterinsights_sitenote_category":0},"categories":[61,15],"tags":[],"aioseo_notices":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v20.8 - 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