Bitcoin could take twice as long to hit $ 100,000 than expected.
Bloomberg’s latest crypto newsletter stated that Bitcoin ( BTC ) tends to „add zeros to its course“
The asset also rose from $ 1,000 to $ 10,000 in less than four years. The ripening process may have slowed this trend down a bit, but Bloomberg believes it has not stalled. Such an increase could occur again, even if it might take some time:
„If the cryptocurrency repeats its previous gains with a certain degree of maturity, it could get its course to $ 100,000 in 2025 in about twice the time it took for another zero to $ 1,000.“
Even if this forecast seems bold at first, it is rather conservative compared to other forecasts that we have seen in recent months
The cryptoanalyst „PlanB“ recently stated that Bitcoin development always coincides with the stock-to-flow model . A rate of 100,000 US dollars is forecast here by the end of 2020.
In addition to historical trends, Bloomberg suspects that fundamental factors related to supply and demand are driving the rise of Bitcoin. Around 90 percent of the total offer has already been mined. Institutional demand continues to grow at the Grayscale Bitcoin Trust (GBTC). The trust is expected to have around 500,000 Bitcoin soon .
Bloomberg’s short-term prediction is that Bitcoin could hit its 2019 high of $ 14,000 by the end of the year .