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$50K BTC in 2021? Bloomberg Analysts Join the 'Traditional Onslaught' Driving Bitcoin's Rally
A new crypto outlook from Bloomberg suggests BTC could reach $50,000 in 2021, topping off a month of major institutional momentum for the asset.
Updated Sep 14, 2021, 10:38 a.m. Published Dec 5, 2020, 2:00 p.m.
A new crypto outlook from Bloomberg suggests BTC could reach $50,000 in 2021, topping off a month of major institutional momentum for the asset.
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This episode is sponsored by Crypto.com, Nexo.io and this week's special product launch, Allnodes.
On this edition of the weekly recap, NLW looks at the consolidating narrative of a bitcoin rally that is:
- Being driven by institutional investors
- Shifting the center of the industry from East Asia to North America
- Winning converts from major research houses and institutions
- Driving the price of bitcoin to new all-time highs
This week on The Breakdown:
- Monday | Bitcoin Hits a New All-Time High: What Happens Next?
- Tuesday | Why a $631B Asset Manager Just Changed Its Mind on Bitcoin
- Wednesday | Josh Brown on Bitcoin’s ‘Respectability Rally’ and Why We’ll See Dow 100,000 in Our Lifetime
- Thursday | Why Stablecoins Are the First Battleground of the Coming Crypto Regulation Wars
- Friday | A ‘Santa Claus Rally’ for the Stock Market?
For more episodes and free early access before our regular 3 p.m. Eastern time releases, subscribe with Apple Podcasts, Spotify, Pocketcasts, Google Podcasts, Castbox, Stitcher, RadioPublica, iHeartRadio or RSS.
Note: The views expressed in this column are those of the author and do not necessarily reflect those of CoinDesk, Inc. or its owners and affiliates.
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Coinbase Sees Crypto Recovery Ahead as Liquidity Improves and Fed Rate Cut Odds Climb
The crypto exchange also took note of a so-called AI bubble that continues to go strong and a weaker U.S. dollar.
What to know:
- Coinbase Institutional is seeing a potential December recovery in crypto, citing improving liquidity and a shift in macroeconomic conditions that could favor risk assets like bitcoin.
- The firm's optimism is driven by rising odds of Federal Reserve rate cuts, with markets pricing in a 93% chance easing next week, and improving liquidity conditions.
- Several recent institutional developments, including Vanguard's crypto ETF policy reversal and Bank of America's greenlighting of crypto allocations, have contributed to bitcoin's rebound from recent lows.
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