This year has been another rollercoaster ride for Bitcoin, leaving investors, and many enthusiasts with nothing more than to speculate on the fate of Bitcoin’s price as the year progresses.
The market crash in March had adversely affected both conventional financial markets and the cryptocurrency industry, crippling world financial markets and of course, cryptocurrencies including Bitcoin.
However, Bitcoin had utilized that opportunity to further prove that it is indeed a safe-haven asset since it fared better than most stores of value and was able to rise above the crash to continue its journey up the price ladder. It is still quite unclear as to how high it will get before the year runs out.
Interestingly, Bloomberg strategists are quite optimistic that Bitcoin will hit the 2017 all-time high of $20,000, according to a June Market Intelligence report from Bloomberg.
The report revealed that since the start of the year, Bitcoin is following the exact same pattern it had set after the second halving in 2016, where it rose above the 60% drop back in 2014 up to the point of surpassing the 2013 peak.
This rise had culminated in the digital gold’s all-time high in 2017. However, prices once again took a 75% plunge in 2018 and as stated in the report, Bitcoin is set to reach the $20,000 mark if it continues to follow the 2016 pattern.
According to the report, it will have to take a situation that is extremely severe for the price of Bitcoin to do anything other than an increase in the coming months.
“Something needs to go really wrong for Bitcoin to not appreciate” a section of the report reads.
Meanwhile, other developments show that the adoption of Bitcoin and cryptocurrencies, in general, has skyrocketed in the past few months following the outbreak of the COVID-19 pandemic, thus shifting the attention of people all over the world from fiat money to digital currencies.
Being the most popular cryptocurrency in the world, Bitcoin is “the benchmark crypto-asset” and it is continuously living up to its title of the “Digital Gold”, with properties and now market price action that can be compared to the precious metal.