By Omkar Godbole
Bloomberg analysts are the latest to jump on the bandwagon of experts expecting bitcoin to revisit its record high in 2020.
The bold prediction is largely based on the fact that price action seen over the last 2.5-years looks similar to the patterns over the 2.5-years following the leading cryptocurrency’s rise to record highs in December 2013.
“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,” noted Bloomberg Crypto 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.”