• Advertise
  • Submit a Press Release
NewsBTC
Bitcoin & cryptocurrency news
Crypto.com Logo
  • Home
  • News
    • Bitcoin
    • Ethereum
    • Cardano
    • Dogecoin
    • Ripple
    • DeFi
    • NFT
    • Sponsored
    • Press Releases
  • Analysis
    • Bitcoin (BTC)
    • Ethereum (ETH)
    • Cardano (ADA)
    • Chainlink (LINK)
    • Litecoin (LTC)
    • Tezos (XTZ)
    • Zcash (ZEC)
    • EOS
    • YearnFinance (YFI)
  • Trading Course
  • Directory
    • Crypto Businesses
    • Bitcoin Brokers
    • Casinos
    • Sportsbooks
  • Play GamesTry
  • Bet & WinTry
  • Bitcoin Casino ReviewsTry
No Result
View All Result
  • Home
  • News
    • Bitcoin
    • Ethereum
    • Cardano
    • Dogecoin
    • Ripple
    • DeFi
    • NFT
    • Sponsored
    • Press Releases
  • Analysis
    • Bitcoin (BTC)
    • Ethereum (ETH)
    • Cardano (ADA)
    • Chainlink (LINK)
    • Litecoin (LTC)
    • Tezos (XTZ)
    • Zcash (ZEC)
    • EOS
    • YearnFinance (YFI)
  • Trading Course
  • Directory
    • Crypto Businesses
    • Bitcoin Brokers
    • Casinos
    • Sportsbooks
  • Play GamesTry
  • Bet & WinTry
  • Bitcoin Casino ReviewsTry
No Result
View All Result
NewsBTC
No Result
View All Result
bitcoin, cryptocurrency, btcusd, xbtusd, btcusdt, cryptocurrency
Nexo Logo

Bloomberg’s $20K Bitcoin Prediction May Come True Due to “TINA” Effect

Yashu Gola by Yashu Gola
2 years ago
in Bitcoin, Technical analysis
Reading Time: 3 mins read
Advertisement
  • Earlier in June, Bloomberg analysts made a bold Bitcoin price prediction, stating that the cryptocurrency could revisit its all-time high near $20,000.
  • The forecast is now receiving further support from a worsening macroeconomic climate.
  • Observers believe that safe-haven assets, as well as equities, could rally further into 2020 because of the TINA effect.

It has been close to two months since the day Bloomberg made its boldest Bitcoin prediction.

The financial services firm stated that it expects the cryptocurrency to retest its all-time high levels near $20,000. The analogy took cues from its two superlative bull runs that followed an extended bearish period. Bloomberg noted that Bitcoin would merely repeat its prevailing long-term rallies heading further into 2020.

“After 2014’s 60% decline, by the end of 2016, the crypto matched the 2013 peak. Fast forward four years and the second year after the almost 75% decline in 2018,” Bloomberg Crypto had noted in a monthly report.

“Bitcoin will approach the record high of about $20,000 this year, in our view, if it follows 2016’s trend.”

bitcoin, cryptocurrency, btcusd, xbtusd, btcusdt, cryptocurrency

5 BTC + 300 Free Spins for new players & 15 BTC + 35.000 Free Spins every month, only at mBitcasino. Play Now!
BTCUSD long-term uptrend on the weekly logarithmic chart. Source: TradingView.com

Entering the third quarter, Bitcoin is already showing signs of breaking out towards the $20K-region. The cryptocurrency broke above a crucial resistance area of $10,000-10,500 earlier this week. It eventually established a year-to-date high at $11,420 (data from Coinbase).

Supportive Catalysts

Bitcoin’s rise towards $11,500 came as people retreated from conceivably safer cash-based and Treasury bonds investments. Earlier this month, the US dollar index slipped to its two-year lows.

Meanwhile, Treasury yields remained near their bottom, with its benchmark 10-year note slipping below 0.6 percent.

BitStarz Player Lands $2,459,124 Record Win! Could you be next big winner?
Get 110 USDT Futures Bonus for FREE!

The reason why traditional safe-haven assets underperformed is the Federal Reserve’s monetary policy. The US central bank on Wednesday confirmed that it would keep its interest rate near zero and would keep buying securities to aid the US economy through the COVID pandemic-led slowdown.

Fed Chairman Jerome Powell also anticipated that the US Congress would roll-out a new stimulus package atop a $2 trillion one to help American individuals and households.

Bitcoin As “TINA”

The unprecedented money supply increased the fears of inflation among investors. As a result, they moved their capital into the riskier assets, benefiting Bitcoin, Gold, and even US equities. Observers call it the TINA effect–which stands for “There Is No Alternative.”

Read our comparison of 50 different crypto casinos. Find out who has most generous bonuses, best UX, knowledgeable customer support and best provably fair games.

bitcoin, cryptocurrency, btcusd, xbtusd, btcusdt, cryptocurrency

Wall Street indices rose this week on stimulus hopes. Source: TradingView.com

“The Fed intervention adds a bit of a TINA effect,” Mona Mahajan, the U.S. investment strategist at Allianz Global Investors, told WSJ. “There Is No Alternative to stocks. That’s why you see equities continuing to rally.”

The same setup could help Bitcoin as well. The cryptocurrency, which operates outside the purview of single-party control, now serves as an ideal destination to park movable capital. And many, like Bloomberg analysts, see it closing above $20,000 as long as fears of inflation loom over the global market.

“Bitcoin, which some advocates call ‘digital gold,’ also got a boost on the notion that it’s an alternative investment that should act as a hedge against inflation and provide uncorrelated market returns.”https://t.co/7k4GdBkAWr via @markets

— Joe McCann (@joemccann) July 28, 2020

The cryptocurrency is now trading 52 percent higher on a year-to-date timeframe – more than gold and US indices.

Tags: bitcoinbtcusdBTCUSDTcryptocurrencyxbtusd
Tweet123Share210ShareSend
Win up to $1,000,000 in One Spin at CryptoSlots
Yashu Gola

Yashu Gola

Yashu Gola is a Mumbai-based finance journalist. He is profoundly active in the bitcoin space since 2014 – and has contributed to several cryptocurrency media outlets, including NewsBTC, FxDailyReport, Bitcoinist, and CCN. Academically, Yashu holds a bachelor's in information technology, with majors in data structures and C++ programming language. He has also won the 'Atulya Award' for his efforts towards raising $100,000 for an India-based farming project.

Related Posts

Bitcoin

Quant Explains How Bitcoin NUPL Cycles Are Getting Less Volatile With Time

3 hours ago
Polkadot

Polkadot (DOT) To Retest $9.88 Resistance – Can Bulls Regain Solid Footing?

15 hours ago
TA- The Price Of Axie Infinity Struggles Despite Crypto Relief Rally

TA- The Price Of Axie Infinity Struggles Despite Crypto Relief Rally

1 day ago
Taro Taro Taro

Lightning Speed: Taro Wants To Abolish Cross-Border Payments, Disrupt The Market

1 day ago
TA- Price Of Cardano Bounces From Support, Gears For A Bullish Run

TA- Price Of Cardano Bounces From Support, Gears For A Bullish Run

1 day ago
Cardano

Cardano Price Sits Pretty At $0.5, Why A Breakout Is On The Horizon

2 days ago

Premium Partners

Top Brokers

PrimeXBT

PrimeXBT

Review · Visit

Top Casinos

BitStarz

BitStarz

Review · Visit
7BitCasino

7BitCasino

Review · Visit
Punt Casino

Punt Casino

Review · Visit
mBit

mBit

Review · Visit
CryptoGames

CryptoGames

Review · Visit
Bspin

Bspin

Review · Visit

Sportsbooks

1xBit

1xBit

Review · Visit

Keninah Concord And Fantom, Paired with Baby Doge Coin Will Give You a Well-Balanced Wallet!

August 14, 2022

Can Carlossy Caterpillar Achieve What Meme Coin Giants Dogecoin and Shiba Inu have?

August 14, 2022

To Take DeFi To The Next Level, We Need Killer App, says Ripple Executive. Can Youniverze Be The One?

August 14, 2022

GNOX (GNOX): Likely Top 50 Crypto Similar To EOS (EOS) And Sandbox (SAND) After Presale Sold-Out Quickly

August 14, 2022

Gnox (GNOX), Sandbox (SAND) and Decentraland (MANA): The Most Promising Investments in 2022

August 14, 2022

ABOUT US

NewsBTC is a cryptocurrency news service that covers bitcoin news today, technical analysis & forecasts for bitcoin price and other altcoins. Here at NewsBTC, we are dedicated to enlightening everyone about bitcoin and other cryptocurrencies.

We cover BTC news related to bitcoin exchanges, bitcoin mining and price forecasts for various cryptocurrencies.

COMPANY

  • Advertising
  • Comments Policy
  • Privacy Center
  • Sitemap
  • About Us
  • Contact

Technical Analysis

  • Bitcoin (BTC)
  • Ethereum (ETH)
  • Ripple (XRP)
  • Chainlink (LINK)
  • Cardano (ADA)
  • Tezos (XTZ)

LINKS

Crypto Prices from Nomics

Cryptocurrency news

  • Bitcoin
  • Ethereum
  • Ripple
  • Chainlink
  • Cardano
  • EOS
  • Tezos

© 2021 NewsBTC. All Rights Reserved.

  • Home
  • News
    • Bitcoin
    • Ethereum
    • Cardano
    • Dogecoin
    • Ripple
    • DeFi
    • NFT
    • Sponsored
    • Press Releases
  • Analysis
    • Bitcoin (BTC)
    • Ethereum (ETH)
    • Cardano (ADA)
    • Chainlink (LINK)
    • Litecoin (LTC)
    • Tezos (XTZ)
    • Zcash (ZEC)
    • EOS
    • YearnFinance (YFI)
  • Trading Course
  • Directory
    • Crypto Businesses
    • Bitcoin Brokers
    • Casinos
    • Sportsbooks
  • Play Games
  • Bet & Win
  • Bitcoin Casino Reviews

© 2021 NewsBTC. All Rights Reserved.

This website uses cookies. By continuing to use this website you are giving consent to cookies being used. Visit our Privacy Center or Cookie Policy.