Bloomberg Expects Bitcoin To Reach $400k This Year
According to Bitcoin analysts at Bloomberg, the flagship cryptocurrency could go as high as $400,000 this year
The analyst based this prediction on the cryptocurrency’s bullish runs in 2013 and 2017
BTC is currently trading at $56,700 and would need to increase by over 700% to attain that level
One question that every crypto trader wants a definite answer to is “how high can bitcoin go?”.
Since the start of 2020, BTC has gone from a price of $28,000 to attaining an all-time high above $60,000.
However, Crypto analysts at Bloomberg believe that the coin could reach far greater heights before the year runs out.
An Uber-bullish prediction from Bloomberg crypto analysts estimates that BTC could be trading at $400,00 by the end of 2021.
The bullish prediction is based on the cryptocurrency’s performance in 2013 and 2017.
The report shows that Bitcoin experienced a 55x gain in 2013 and 15x in 2017.
The staggering increase in the value of the cryptocurrency was triggered by having a that happened a year before on each occasion.
Bitcoin was halved in November 2012, July 2016, and May 2020.
It is expected that last year’s halving can push the cryptocurrency to new heights this year.
What is BTC halving?
A BTC halving event is when the reward for mining the coin is cut in half.
This event also reduced the inflation rate of Bitcoin and the rates at which new coins come into circulation.
At the time of this report, BTC is trading at $57,733, up 2.36% in the last 24 hours.