Bloomberg Sees $20k Bitcoin This Year

June 7, 2020, by Maayan
Bitcoin’s move above $10,000 fails but Bloomberg joins the bulls with a lofty prediction for the year.

“Something Needs to Go Really Wrong for Bitcoin to Not Appreciate”

Bitcoin made a strong move higher on Monday to close at $10,200, but the bulls were unable to capitalize and saw those gains reversed a day later.

Joining the bullish chorus this week was financial news provider Bloomberg, who released a research note predicting a move to $20,000 this year for BTC.

The company stated, “Bitcoin will approach the record high of about $20,000 this year, in our view, if it follows 2016’s trend,” and added that, “something needs to go really wrong for bitcoin to not appreciate”.

The report highlighted the quick BTC bounce from the selling across all markets in March, alongside central bank money printing, and the desire to move away from paper money as the key themes.

The support was welcomed by the market after last week’s negative analysis from Goldman Sachs and the coin will have to beat the stubborn $10k resistance if it is to fulfil the prediction from Bloomberg.

If BTC Moves Then LTC Is Sure to Follow

Litecoin is still tracking the overall market as it awaits a real move higher from BTC. However, if Bitcoin does achieve the bullish predictions being set by the likes of Bloomberg then LTC coin will be sure to follow.

Litecoin started as a “fork” of Bitcoin, which means it used identical technology and the coin has always been respected in the sector. LTC is also widely accepted by many vendors who allow crypto payments on their premises, or e-commerce portals.

Coming upgrades to the LTC blockchain will include privacy features, which has always been a desired feature by many who want their transactions to be more private. Some form of privacy would likely be needed in a move to digital money in the same way that people cannot look at your bank transactions at present.

LTC is testing the resistance level at $48.00 and if BTC gets above its own obstacle then a move towards $80.00 will be possible in LTC.

Disclaimer: information contained herein is provided without considering your personal circumstances, therefore should not be construed as financial advice, investment recommendation or an offer of, or solicitation for, any transactions in cryptocurrencies.