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19 April 2021

In Bullish Report, Bloomberg Predicts $400,000 Bitcoin Price In 2021

In Bullish Report, Bloomberg Predicts $400,000 Bitcoin Price In 2021

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While the outlook on gold wasn’t bearish for the metal itself, the data and price action has led Bloomberg to conclude that bitcoin is replacing its monetary predecessor as the preferred non-sovereign reserve asset in investor portfolios.

It was the world's largest automaker by market cap (Tesla) announcing the diversification of some of its equity wealth into the crypto that allowed Bitcoin to breach $40,000 resistance.”.

The report also highlighted on-chain analytics that shows that the supply of bitcoin on exchanges is continuing to decrease, despite bullish price action, which is the opposite of the trend observed during the 2017 bull cycle. .

The patterns in this dataset from Coinmetrics suggest the Bitcoin price will gain elevated risk of sellers dominating buyers when the amount of the crypto held on exchanges exceeds the previous high.

Another noteworthy highlight from the report was the expectation from Bloomberg that bitcoin was on a similar path as the 2013 and 2017 mining subsidy halving bull cycles, pointing to a price of $400,000 for the asset.

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