Bloomberg has released a mid-year report that suggests that Bitcoin (BTC) could breach the $12,000 mark. Analysts examined a variety of on-chain and off-chain metrics to reach the conclusion.
In addition to the growth of these metrics, Bloomberg also points to the growth of institutional investment through the likes of Grayscale Investments. The latter recently published its Q2 2020 report, recording a record quarterly inflow of over $900 million - double that of Q1 2020.
The report reads,
The 2019 Bitcoin end-of-day high was $12,734, based on Bloomberg pricing. Unless advancing addresses abruptly reverse, history suggests Bitcoin may gravitate toward that level.
Bitcoin is priced at $10,651 at the time of publishing. It had briefly breached the $11,000 mark on July 28.
Bloomberg analysts released a report in April 2020, where they stated that Bitcoin had experienced a leap in maturation and had begun to be seen as a legitimate asset class. They offered bullish prospects for Bitcoin at the time, which was doubled down on in June, when they said that they would reach a record high above $20,000 by the end of the year.