Bloomberg analysts announced a new report on the price of Bitcoin , which could exceed $ 20,000.
The Crypto Outlook report published by Bloomberg attracted great attention in a short time on social media. Because experts report very bullish about Bitcoin in this report they published.
Analysts say that institutional investors are now buying more Bitcoin and Bitcoin is a more ‘mature’ asset than before, and the BTC price could exceed $ 20,000 .
Institutions Are Coming
We’ve talked about how much Bitcoin Grayscale started buying in the past weeks. These transactions by Grayscale were indicative of the number of institutional investors in the market (or that existing investors are starting to receive more BTC).
When Bloomberg analysts examined Grayscale’s transactions, they found that there was a very bullish picture. Because apparently both institutional investors show more interest in Bitcoin, and organizations such as Grayscale can meet the demands of these investors. This means that the demand in the market has increased .
Benefits of USDT
Bloomberg analysts think Bitcoin has begun to act similarly to gold with the increasing institutional interest . The strengthening of the correlation between bitcoin and gold may mean that the Bitcoin market is maturing.
One of the things that shows the market is getting better is the usage of Tether (USDT), which has increased recently. According to Bloomberg analysts, people no longer switch to USD even when they sell their Bitcoin, they are waiting at fixed coins like USDT. Thus, investors do not actually exit the ‘cryptocurrency’ market, even when the market is bearish.
Bloomberg experts say the number of active addresses, hash rate, total number of transactions, futures contracts etc. in Bitcoin. they think it is in good condition as well. Experts “see no reason why Bitcoin price should not go up.” Analysts, who think that Bitcoin will start to appreciate in the coming period , say that the price can reach up to 20 thousand or even 28 thousand dollars .