We are still waiting for the end of the containment between the zone of 9,000 USD – 10,000 USD for Bitcoin (BTC). In anticipation of the deconfinement, Bloomberg announces a BTC at 14,000 USD, or even the achievement of a new historic ATH this year. Bitcoin can count on COVID-19 and other weighty supporters to successfully take off. On paper, the 28,000 USD would already be in the pocket or in the wallets to believe Bloomberg’s reasoning.
These bullish addresses
Bloomberg shows confidence in its forecast for higher prices for Bitcoin for 2020. In its latest report, the company indicates that the number of active addresses is a historically significant bullish indicator, of course BTC. The number of addresses BTC assets had reached a record 1,040,244 on June 11, 2020.
Based on historical data and by selecting the dates where there are at least 1,040,244 addresses BTC active, the average price of Bitcoin is 14,700 USD.
Bloomberg thinks that Bitcoin could rise to the level of 20,000 USD, or even 28,000 USD, in 2020
A helping hand for Bitcoin
The COVID-19 would have given a boost to Bitcoin, by accelerating the digitization of transactions, especially during the containment period.
Bloomberg also considers the strong growth in Tether ((USDT) – with a market capitalization going from 4 billion dollars in May 2019, to 10 billion dollars 1 year later – as a major cause of the soaring price of Bitcoin – Joe the Whale had mentioned the correlation between a bull run from BTC and the influx of Tether on the market.
Bitcoin is also increasingly benefiting from institutional support, with Grayscale which consumes about a third of Bitcoins freshly mined.
A growth hacking strategy to explode active BTC addresses and the price of Bitcoin? The price of BTC is currently benefiting from a good boost to help it take off. It remains to be seen whether the fear (proven) of a second wave of COVID-19 would constitute a favorable tailwind or a disabling headwind when Bitcoin takes off.
Litecoin, welcome in the Silver Age