Bloomberg is saying that Bitcoin will approach about $20 000 this year

Bloomberg is saying that all signs point to Bitcoin going on the significant bull run in 2020, the main inquiry is whether it will break the unsurpassed high of $20,000. 

The most recent report from Bloomberg uncovers that the organization expects Bitcoin (BTC) to retest the record highs from 2017, and may even go as high as $28,000.

COVID-19 and Bitcoin

The report shows Bitcoin's strength in the midst of declining stocks. Also that COVID-19 has accelerated the maturation of Bitcoin as an asset.

What's more, it points to the ever-increasing appetite from institutional investors, and Grayscale, or GBTC, specifically, which has been consuming about 25% of the new supply:

“So far this year, its increasing AUM has consumed about 25% of new Bitcoin-mined coins vs. less than 10% in 2019. Our graphic depicts the rapidly rising 30-day average of GBTC AUM near 340,000 in Bitcoin equivalents, about 2% of total supply. About two years ago, it accounted for 1%.”

Reduction GBTC/BTC premium

Bloomberg finds the reduction of GBTC/BTC premium a telling sign: