Bloomberg seems to have joined the long list of entities that are quite bullish on Bitcoin. According to a Bloomberg Crypto Outlook publication, the number one coin could hit $20,000 before the end of the year.
One of the reasons for Bloomberg’s prediction is that Bitcoin is maturing quite impressively. It compared Bitcoin’s maturity rate to that of other assets such as shares in the traditional stock market, and other assets like oil.
The publication also talks about Bitcoin’s adoption, and how there is a significant increase in the number of active addresses. This veritably points to the fact that a lot more people are now using Bitcoin now, adding to its rapid maturity.
At the moment, Bitcoin is trading at $9,740. Days ago, it successfully scaled the $10,000 very briefly, before the price came back down. The feat came shortly after US President Donald Trump threatened military action against protesters. Bitcoin also tried about 5 times to scale this mark last month but did not succeed.
Technically, Bitcoin could trade sideways if it successfully crosses $9,800 and stays above the mark for a while. Its RSI has gone up and is trading around 60. It went as low as 44 last month.
Image Credits: Pixabay
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