Bloomberg: “Bitcoin will approach record high of about $20,000 this year” - page 3.

jseverson

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Quote from: gentlemand on June 04, 2020, 12:58:15 PM

"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:

Quote

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.

gentlemand

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Quote from: exstasie on June 04, 2020, 03:41:12 PM

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.

exstasie

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

Quote

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. Tongue

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.

DeathAngel

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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!

Oilacris

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Quote from: Slow death on June 04, 2020, 12:21:51 PM

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.

Quote from: Slow death on June 04, 2020, 12:21:51 PM

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.

Quote from: Slow death on June 04, 2020, 12:21:51 PM

Mr tether just passed XRP:

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

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. Tongue

gentlemand

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Welt Am Draht

"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?

Slow death

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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”

Quote from: https://cointelegraph.com/news/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:

Quote from: https://cointelegraph.com/news/bloomberg-bitcoin-will-approach-record-high-of-about-20-000-this-year

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 Grin

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