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Bitcoin‘s (BTC) recent move above $42,000, albeit temporarily, may indicate the beginning of a supercycle that could propel the largest cryptocurrency to over $500,000. Optimistic proponents of cryptocurrency claim that this will draw the attention of Wall Street and trigger a complete financial transformation. US-based media giant Bloomberg has made a flash prediction for Bitcoin.
Bloomberg’s $530,000 Prediction for Bitcoin
Bitcoin is making a surprising comeback this year, showing an increase of over 150% since the beginning of the year. Market observers eagerly await the potential approval of a Bitcoin exchange-traded fund (ETF) traded directly in the US that holds BTC.
This optimism has also caught the attention of Brian Armstrong, the CEO of US-based cryptocurrency exchange Coinbase. Armstrong went as far as to interpret the recent recovery in the cryptocurrency market and suggest that Bitcoin could be the cornerstone of expanding Western civilization.
In a news article dated December 4, 2023, US-based media giant Bloomberg presented striking predictions about the future value of BTC. Bloomberg claimed that the largest cryptocurrency will reach $50,000 in the short term and could make a significant jump to $530,000 in the medium to long term.
Factors Supporting the Rise in Bitcoin
It is now widely known that the significant injection of liquidity into the system during the COVID-19 pandemic was a major driving force behind Bitcoin’s strong rise in 2020 and 2021. Making significant gain predictions for the largest cryptocurrency without a new liquidity program currently seems unlikely.
Market participants are pinning their hopes on a US-based spot Bitcoin ETF to solve the liquidity issue. The Spot Bitcoin ETF is expected to provide fund managers with a more convenient purchasing tool for investors. This convenience could open the doors of the cryptocurrency market to billions of dollars in liquidity.
In general, Bitcoin has gone through numerous supercycles since its inception and would need a 65% increase from current levels to reach the approximately $69,000 peak level seen in 2021. Nonetheless, investors are celebrating the gains achieved since the beginning of the year.
