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A key metric indicates a Bitcoin price of more than $ 12,000

July 27, 2020

The Bloomberg semi-annual report shows that the price of Bitcoin (BTC) could soon rise above $ 12,000.

Active addresses on the rise

The report argues that both on-chain and off-chain indicators for Bitcoin point to asset appreciation. One of the most important metrics for Bloomberg is the number of active addresses. Bloomberg explained:

Bitcoin’s end-of-day 2019 high was $ 12,734, according to Bloomberg prices. If the forward direction is not abruptly reversed, history suggests that Bitcoin could trend toward that level. “

The grayscale dynamics are positive

Bloomberg suggests that the continued growth of the Grayscale Bitcoin Trust or GBTC and the reduction in premium over the Bitcoin spot market should also be interpreted as optimistic about the market:

“On a 30-day average, the trust premium of 20% compared to the underlying net asset value corresponds to the historical average of 39%.”

A key metric indicates a Bitcoin price of more than $ 12,000A key metric indicates a Bitcoin price of more than $ 12,000

Although we should consider that lately, GBTC growth stagnated.

According to the report, the recent decision by the US currency auditor’s office to allow US banks to keep digital assets safe should clear the last hurdle for institutional investors. However, he notes that it is important that Bitcoin crosses the $ 10,000 mark (the report was probably created last week) in order to maintain this momentum.

Although Bloomberg remains optimistic about Bitcoin, his optimism appears to be waning. The publication suggested this at the end of June Bitcoin was targeting $ 13,000 resistance. and early June He predicted it would skyrocket over $ 20,000.

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