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Bloomberg Analysts: Bitcoin Demand Supports $55,000 BTC Price and $1T Market Cap by 2022

Bloomberg’s latest crypto outlook predicts the Bitcoin price will continue to advance into 2021 reaching a $50,000 target resistance, implying about a $1 trillion market cap….

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Bloomberg crypto analysts say that history suggests it is only a matter of time before Bitcoin reaches a market cap of $1 trillion, which would bring the BTC price to $55,000 per coin, and they argue that global demand supports the cryptocurrency rising throughout next year to reach that level by 2022.

Bitcoin, BTC, Price Prediction, 2021, 2022

According to the Bloomberg Crypto Outlook – December 2020 edition, Bitcoin will continue to advance in price into 2021 with “macroeconomic, technical and demand vs. supply indicators supportive of $50,000 target resistance, implying about a $1 trillion market cap.”

The anaylsts predict that BTC’s price should be around $40,000 in 2021 followed by around $55,000 in 2022 when Bitcoin inevitably breaks the $50,000 resistance.

The Bloomberg analysts believe that for Bitcoin, the $10,000 mark has now been flipped to become a critical support level after serving as the crypto’s resistance mark since 2017. The report argues that should the market experience another crash as occurred in March 2020, $10,000 would be Bitcoin’s floor.

Bitcoin Demand and BTC Market Maturation

The Bloomberg analysts, led by Mike McGlone on this crypto outlook, believe that 2020 will be looked back upon as key to Bitcoin’s mainstream evolution, helped along by extraordinary economic circumstances.

The Bloomberg analysts write:

“The foundation solidified in 2020 for the benchmark crypto, embraced in more global investment portfolios as holders expand beyond tech geeks and speculators, fueled by unparalleled quantitative easing, rising debt-to-GDP and declining supply.”

From December 2020, the analysts predict that the maturation of cryptocurrency investment may see Bitcoin’s price start to appreciate slower, but increasing demand will “result in more of the same” increases and that Bitcoin remains firmly in price discovery stage.

The report reads:

“Demand measures of Bitcoin and crypto assets appear to be gaining endurance for more of the same in 2021. From the Office of the Comptroller of the Currency (OCC) allowing banks to provide crypto-asset custody services to PayPal onboarding payments, clearing 2020’s volatility hurdle likely widens the path toward mainstream adoption.”

$55,000 Bitcon and $1 Trillion Market Cap

According to the Bloomberg Intelligence report, Bitcoin’s history suggests that a $1 trillion market cap by 2022 vs. about $300 billion on Nov. 13—is extremely possible. The analysts cite increasing demand, growing adoption and interest vs. Bitcoin’s increasing scarcity as a reason the BTC price will maintain its bull run in 2021 and will find resistance around the $50,000 price level.

Screenshot 2020-12-04 154922.jpg

The Bloomberg graphic depicts Bitcoin’s market-cap regression line since $10 billion in 2013 showing that the pioneer crypto is on pace for a $1 trillion market cap by about 2022. At this cap, the BTC price could soar to around $55,000 vs. the current level around $19,000 levels.

The report reads:

“If the future rhymes with the post-halving years of 2013 and 2017, and we factor maturity of about a quarter of the 2017 advance, Bitcoin may reach $40,000 in 2021.”

As 2020 draws to a close, the analysts conclude that there seems to be little to stop Bitcoin’s upward trajectory, particularly following its correction and a period of disdain. While they predict that BTC will move sideways for a few months, the price outlook of $40,000 for 2021 implies that this bull run not stopping anytime soon.

Image source: Shutterstock

The anaylsts predict that BTC’s price should be around $40,000 in 2021 followed by around $55,000 in 2022 when Bitcoin inevitably breaks the $50,000 resistance.

Source: https://blockchain.news/news/bloomberg-analysts-bitcoin-demand-supports-$55000-btc-price-and-$1trillion-market-cap-by-2022

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Coinpedia

Polygon(MATIC) Price Smashed The Milestone Above $2, Is $3 Imminent?

Polygon(Matic) price hit the milestone in the early trading hours, yet appears poised to rise to higher levels above $3

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MATIC Price Forms New Highs

Polygon (Matic) price in recent days stood strong despite a huge market correction, above $1. No doubt small pullbacks below $1 were also a part of the rally, yet it bounced off well to regain the lost positions.

In a very surprising move, the matic price flipped the bearish trap and bounced from levels below $1.6 to the current levels above $2. Moreover, the intensified bull run showcases the price is self assured to hit the next resistance levels around $3 to $3.2.

matic jumping

Currently, Matic broke the upper resistance levels of the parallel channel and flew high above $2. Therefore, the next target to hit before the daily close is around $2.4 to $2.45 . Once these levels are achieved successfully, $3 is imminent.

Also Read: MATIC, BNB, LINK, and SUSHI Poised to Erupt Soon, Hints Analyst

Polygon Transactions More Cheaper Than Ethereum

It is a known fact that the gas fees are extremely high on Ethereum platform. Despite a couple of upgrades, the issue has yet to be fixed. And therefore many looked out for other options to get rid of the fees.

However, the polygon network has emerged as one of the most cost effective platforms than Ethereum.

The above is the comparison of the transaction fees of a single day, where the polygon platform accounted for 275% less fees than that of Ethereum. Hence the growing ecosystem fuels the MATIC price rally which is poised to hit higher levels in coming days.

Also Read: Theta Coin Price Rises High Despite A Bloodbath In Crypto Space

However, the polygon network has emerged as one of the most cost effective platforms than Ethereum.

Source: https://coinpedia.org/price-analysis/matic-price-risies-above-levels/

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CNBC

Target, CVS, Starbucks and other retailers ease mask mandates for fully vaccinated customers

Target, CVS and Starbucks joined a growing list of retailers and restaurants that will ease mask requirements for fully vaccinated customers.

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Shoppers wear protective masks inside a Target Corp. store in New York, U.S., on Saturday, Aug. 15, 2020. Target is scheduled to release earnings figures on August 19.

Jeenah Moon | Bloomberg | Getty Images

The CDC said Thursday that fully vaccinated people do not need to wear a mask or stay 6 feet apart from others in most cases, whether indoors or outdoors. People are considered fully vaccinated two weeks after they receive the second dose of the PfizerBioNTech or Moderna vaccines or the single dose of Johnson & Johnson.

The sudden change by the federal agency prompted confusion and some criticism. Over the weekend, CDC director Dr. Rochelle Walensky and White House chief medical advisor Dr. Anthony Fauci made rounds on news programs to explain and defend the policy change.

Some feel the new guidance will encourage more people to get inoculated, but others are concerned the policy relies too heavily on people being honest about their vaccination status. The possibility that unvaccinated people may go maskless is a concern for those who are not yet vaccinated or have children under 12 years of age who cannot yet receive the vaccine.

As of Saturday, roughly 47% of the U.S. population have received at least one vaccine dose, according to the CDC. About 37% are fully vaccinated, according to the agency.

All of the retailers said they would follow local mandates, which are also changing. New York state said Monday it will allow people to skip masks if they are fully vaccinated, starting Wednesday. Masks will still be required in some settings, such as public transit and health-care facilities, according to federal guidelines. California health officials said Monday that they’re sticking to the plan to keep the mask mandate until June 15, which was set before the CDC released its updated guidance.

Retailers that changed their mask policies did not announce plans to check customers’ vaccination status. They asked those who are not vaccinated to continue wearing masks in their stores. The companies have taken different approaches with their workforces.

In a statement, CVS said it would still require its employees to wear masks while at work. Chipotle restaurant workers will still be required to wear masks, according to Chief Corporate Affairs Officer Laurie Schalow. Target said in a statement that its employees who are fully vaccinated will not have to wear masks — but said it would keep other safety measures, such as extra cleaning and social distancing in its stores.

Starbucks’ new mask policy does not appear to apply to baristas. Since February, the coffee chain has required its restaurant workers at company operated locations in the U.S. and Canada to wear multi-ply facial coverings, or double mask. Starbucks has required facial coverings inside its cafes for customers since July 15.

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Source: https://www.cnbc.com/2021/05/17/starbucks-updates-mask-policy-for-vaccinated-customers.html

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Reuters

Disneyland Paris to re-open on June 17

Disneyland Paris (DIS.N) said on Monday that it would re-open on June 17, as French bars, restaurants and tourism sites gradually resume their operations after having been shut due to COVID-19 sanitary restrictions.

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The logo of Disneyland Paris is seen in Marne-la-Vallee, near Paris, as the theme park prepares to reopen its doors to the public following the coronavirus disease (COVID-19) outbreak in France, July 9, 2020. REUTERS/Charles Platiau

Disneyland Paris (DIS.N) said on Monday that it would re-open on June 17, as French bars, restaurants and tourism sites gradually resume their operations after having been shut due to COVID-19 sanitary restrictions.

Our Standards: The Thomson Reuters Trust Principles.

Source: https://www.reuters.com/lifestyle/disneyland-paris-re-open-june-17-2021-05-17/

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