Bloomberg: “Bitcoin will approach record high of about $20,000 this year”

[Slow death]

When the price starts to rise, many analysts appear making optimistic forecasts, this time we have the Bloomberg:

Bloomberg: “Bitcoin will approach record high of about $20,000 this year”

“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.”

do you think the article's arguments are solid arguments?

according to the article Mr Tether will be able to enter the scene again and will cause the price to increase a lot:

According to the report, another major reason for the appreciation of Bitcoin is the rapid growth of Tether (USDT). Last May, its market cap stood at $4 billion. A year later, it expanded to $10 billion. The increase in the circulation of the stablecoin indicates greater adoption of crypto assets

What do you think? are you ready to see $20,000 this year or do you think that even with miracles operated by Mr tether the price will not reach  $20,000 this year?

PS:

Mr tether just passed XRP:



Who knows in the future we will see Mr Tether in second place

[gentlemand]

"The report says that “something needs to go really wrong” for Bitcoin not to increase in value. "

Erm, such as?

The price is still being batted around by small numbers of people on Bitmex. Until the hordes arrive I can't see much changing and there's little sign of them for now.

This reads like it was written by someone with little knowledge of previous cycles. Ask many people here and they won't expect much of this year. I for one do not expect it to get anywhere near 20 big ones this year. Fine with me if it does.

And they do realise Tether is also used to exit Bitcoin just as much?

[Oilacris]

When the price starts to rise, many analysts appear making optimistic forecasts, this time we have the Bloomberg:

Bloomberg: “Bitcoin will approach record high of about $20,000 this year”

Expect that we would see other speculators when bitcoins price is starting to crawl going upwards.Same goes when it goes down
on where these sentiments do pop out like mushrooms by those known people/media outlets/companies etc.
but totally those are just mere predictions that an average joe can also give.

What do you think? are you ready to see $20,000 this year or do you think that even with miracles operated by Mr tether the price will not reach  $20,000 this year?

Anything can happen thats why its really hard to give out opinion when you do know that the market
can easily fucked you up unexpectedly.

Mr tether just passed XRP:

Who knows in the future we will see Mr Tether in second place

They're all interchangeable. One coin can overtake any other coin in top ranks and its no surprising thing even thinking that
BCH would hit up no. 2. 

[DeathAngel]

Let’s wait & see, I think the price will rise but I’m not sure if it’ll be enough to see a new ATH by the end of the year. It’s probably just headline searching, these publications tend to like making outlandish statements.

New ATH - Very likely in 2021
In 2020 - Debatable!

[exstasie]

I always hate when legacy investment analysts start saying stuff like this:

The report says that “something needs to go really wrong” for Bitcoin not to increase in value.

It smacks of institutions dumping into retail bulls.

Then again, Bloomberg ≠ Goldman Sachs. If GS was forecasting $20K, I'd be readying my bids for a crash.

I'll tell you one thing: their $28,000 target is a joke. If $20K is breached, we're going much higher than that. $50K or $100K easy, probably even higher.

[gentlemand]

I'll tell you one thing: their $28,000 target is a joke. If $20K is breached, we're going much higher than that. $50K or $100K easy, probably even higher.

They're doing a double disservice really. People who actually know anything about crypto will realise it's all clueless horseshit. People who don't and take it as gospel will turn up to find Arthur Hayes waiting for them in a dark corner with a cosh.

They should either send their legacy journos to crypto camp for a long read or poach someone who's vaguely familiar with the scene.

[jseverson]

"The report says that “something needs to go really wrong” for Bitcoin not to increase in value. "

Erm, such as?

The actual report actually lists a bunch of factors that support their opinion, so maybe they're talking about a number of these going off the mark:

https://data.bloomberglp.com/professional/sites/10/Bloomberg-Indices-Outlook_Cryptos_June-2020.pdf

To name a few, and each of which has a writeup:

Bitcoin Upper Hand vs. Crypto Market Like Gold vs. Commodities
History Indicates Bitcoin Toward $20,000 in 2020
Maturing Bitcoin Gaining Upper Hand; Nasdaq, Crude Oil as Guides
Grayscale Trust Absorbing Bitcoin Supply
Bitcoin Futures May Be a Driver to Sustain Above $10,000
$8,000 Bitcoin Base - Transactions, Hash Rate

There are a lot more, but those are what primarily caught my eye. The report seems to be worth a read, at least.

It also has to be noted that the $20k prediction was brought about by following the 2016 pattern, which they did not say was a given. It mostly just states that there are a bunch of factors which mean Bitcoin is practically guaranteed to appreciate, not necessarily by a lot. This is just another case of a clickbait article oversimplifying stuff.

[fabiorem]

Bloomberg making a $20k prediction?

$5k confirmed. Time to sell.

[Slow death]

Bloomberg making a $20k prediction?

$5k confirmed. Time to sell.

when the price drops we see price forecasts of $5000, but at this moment it is time to see exaggerated forecasts

I for one do not expect it to get anywhere near 20 big ones this year. Fine with me if it does.

if the price were to break $ 13,000 I could dream of at least $ 17,000 for this year, but really dreaming of $20,000 for this year was too much.

They're all interchangeable. One coin can overtake any other coin in top ranks and its no surprising thing even thinking that
BCH would hit up no. 2. 

those coins you mentioned had a bomb right away, while the case of Mr. Tether was gradually rising, first it was below the Top 8 and today it is in the Top 3 and it seems to me that it still has the potential to rise a lot e and definitely BCH will not reach second place, on the contrary BCH is falling to the last places

New ATH - Very likely in 2021
In 2020 - Debatable!

get ready because some people believe that the price will reach $100,000 next year, I keep thinking that if that is even possible then I could consider going to rob some bank and take the money to buy bitcoin 

[gentlemand]

get ready because some people believe that the price will reach $100,000 next year, I keep thinking that if that is even possible then I could consider going to rob some bank and take the money to buy bitcoin 

The $100,000 by the end of next year expectation has been repeated so often it's starting to feel like fact already. That type of certainty tends to make me feel uneasy.

My guess is that it fails to reach that by a large enough factor to make everyone feel like total dickheads, or overshoots it to a truly hair raising extent. We tend not to get what we expect.

[snipie]

-snip-
We tend not to get what we expect.

Ouep, I prefer to hodl my coins until I open my eyes one day to see the bitcoin price reaching ATH, just like unexpected 2018 ones. In fact with bitcoin I already got more than what I expected, everything else is a bonus
Well 2020 is the shittiest year by far for most people in this world, I do not expect much from it..

[hugeblack]

This would be logical if the report spoke about BTC & pandemic, or before the announcement of Covid-19 as a pandemic, we had no historical data or models that illustrate how digital currencies will perform under these health conditions.

The situation has now changed, the economy is beginning to absorb, and the concerns of the code have begun to diminish, which means a recovery for all economic sectors, and therefore there is no need to risk very volatile assets.

If countries succeed in opening their economy quickly during this month, it is very difficult to see highs above 15,000 this year.
Here's the Dow Jones Index:

The economic indicators are somewhat positive.

[gentlemand]

The economic indicators are somewhat positive.

The economic damage hasn't even started to warm up. Economies have been in suspended animation. Only now when reality is eased back in is when it'll start to bite. A lot of businesses will have no clients to go back to. A lot of employees won't have a job to go back to.

I had no particular truck with the idea of Bitcoin, or any high risk asset, thriving when the world is going down the bog. But the flush hasn't really started yet so we still don't really know how anything will pan out.

[el kaka22]

Let's be honest with each other, Bloomberg has always been very very bullish on Bitcoin (I suspect they have a ton of it but they are actually a software company at heart) but the pandemic really caused the drop to be right at the worst possible time so I do not think we are going to see $20k anymore.

It was totally possible if there was no pandemic, price would have been around 8-9 thousand dollars at least right before the halving and with the increase it would have reached to $15k or so levels and after the halving it would take some time but eventually because miners were getting less reward they would sell less coins as well and the price would have gone to $20k. But, since pandemic happened and not that much money left in the markets and price went down and only recovered for the halving, I doubt $20k will happen in next 7 months.

[gentlemand]

It was totally possible if there was no pandemic, price would have been around 8-9 thousand dollars at least right before the halving and with the increase it would have reached to $15k or so levels and after the halving it would take some time but eventually because miners were getting less reward they would sell less coins as well and the price would have gone to $20k. But, since pandemic happened and not that much money left in the markets and price went down and only recovered for the halving, I doubt $20k will happen in next 7 months.

In no known universe would it have hit 15k. That would've been a totally illogical move that came out of nowhere.

The big arse drop may well have been pandemic related as the rest of the world ran around screaming, other than that prices have been what I was expecting. The behaviour is in line with the last halving when not much happened.

A halving takes time to digest and I didn't expect a return to 20k this year with or without diseases running riot.

[exstasie]

It was totally possible if there was no pandemic, price would have been around 8-9 thousand dollars at least right before the halving and with the increase it would have reached to $15k or so levels

In no known universe would it have hit 15k. That would've been a totally illogical move that came out of nowhere.

Not exactly. In February the market was in a strong mid term bull market, and was testing the $10.5K resistance established last year. Had it broken above (breaking the downtrend from June 2019 to present) $15K would have been a matter of time. Looking at past bull markets (like the first half of 2019 for instance) BTC could have realized those gains very quickly.

The BTC market can be quite illogical anyway. Just like the stock market, its price moves really don't depend on fundamentals.

[dothebeats]

Bloomberg screaming $20k is like Tom Lee predicting moon: they both jinx it. They claim these figures as if they have something similar to a crystal ball that could tell the future. With the current situation of the world at hand, I doubt we will be seeing more than $15k tops in 2020. The global economy is recovering, but at a very slow rate, and I don't think a lot of people would actually risk money on volatile assets during these times unless someone actually starts buying huge amounts to effectively move the price upward. Bloomberg is a known bitcoin bull, but this is just too much for 2020, IMO.

As for them stating that "something needs to go really wrong for Bitcoin not to increase value" is overestimating the power of bitcoin's volatility. There are times when there's nothing happening but the price suddenly just drops a significant amount, and there are times when the prices goes insanely high without any catalyst or any sane reason that could explain it.

[exstasie]

Bloomberg screaming $20k is like Tom Lee predicting moon: they both jinx it.

Tom Lee was screaming $20K or $25K immediately after the 2017 bubble popped, and for like a year afterwards.

Bloomberg waited until after a 2.5-year accumulation cycle happened to predict $20K or $28K. Much more reasonable. In the end, I think all of these targets are way too low, but in terms of market cycles, Bloomberg is much closer to the mark.

I partly think Tom Lee was dumping his (Fundstrat's) bags on retail while making those awful predictions back in 2018.

[LUCKMCFLY]

I've been closely following posts by Bloomberg, as it may outperform ETH given its market cap, although I see it a bit difficult, chances are, everything in Crypto can happen, but the fact that it's a stablecoin makes it Some interests are leaning on some investors who support blockchain.

[gentlemand]

Bloomberg screaming $20k is like Tom Lee predicting moon: they both jinx it.

Isn't CNBC the guaranteed touch of death? I seem to remember someone doing CNBC TA and their bullish calls were 95% wrong which is seriously impressive. You could make a fortune just trading the direct opposite of their proclamations.