Back in early June, Bloomberg predicted that Bitcoin's upward movement will continue until the end of 2020.
One of the analysts, Mike McGlone, stated that the cryptocurrency is going to be able to test the values at the $ 20,000 level. Bloomberg released its monthly cryptocurrency review this week.
Its authors confirmed this prediction and stated that by the end of this year, Bitcoin will be able to repeat the famous race three years ago.
The study says: After a 60% decline in 2014, by the end of 2016, the cryptocurrency repeated the leap of 2013. Fast forward four years and into the second year after a 75% decline in 2018. Bitcoin will approach its all-time high of around $ 20,000 this year, in our opinion, if the 2016 trend repeats.
Analysts found that as BTC entered the third quarter, it began showing signs of a breakout. At the end of last week, the first jump was made - bitcoin exceeded $ 10,000. The coin did not stop at the achieved results and continued to move upward, exceeding $ 11,000.
Researchers identify two key drivers of BTC price growth. First, it is the policy of low rates of the Federal Reserve, which leads to a drop in the profitability of investments in government securities.
Secondly, this is the increase in inflation, which forces investors to go into risky assets and gold. Players also go to the crypto sphere, since they do not have alternative tools to preserve their capital.