Bloomberg Intelligence analyst Mike McGlone has predicted the price of the largest crypto by market cap could jump to $20,000 this year.
In a report published on Wednesday, he said the reference cryptocurrency could exceed the December 2017 high because both technical and fundamental factors are "increasingly favorable" for Bitcoin.
These factors include Bitcoin's maturity against other investment options, increased open interest in futures and increased interest from institutional investors.
The analyst thinks things should go really badly for BTC not to grow this year to as much as $20,000.
According to the report:
"Bitcoin ended 2019 at about $7,000, near the bottom of its range, favoring a shift toward the peak. Last year, the high was about $14,000, which would translate into almost double in 2020 if rotating within the recent band."
It is worth mentioning the consequences of the covid-19 pandemic and the central banks easing are accelerating BTC's maturity and reducing its volatility. If we add to this the fact that institutional investors are increasingly interested in cryptos, we have the perfect recipe for growth.
Subscribe to our Telegram channel to stay up to date on the latest crypto and blockchain news.