Bitcoin has a good chance of repeating last year's famous June rally

Bloomberg predicts a repeat of the bull rally that occurred from 2016 to 2020.

Agency experts note that over the past four years, the first cryptocurrency has risen in price from $1000 to $10,000. This is stated in the published Bloomberg cryptocurrency review for September, dedicated to the situation in the cryptocurrency market.

If this scenario repeats, bitcoin could reach $100,000 by the end of 2025. According to the agency's analysts, the long-term strengthening of the bitcoin exchange rate is fueled by supply and demand fundamentals, coinspot writes.

To date, 90% bitcoins have already been mined by miners. Limited coin issuance is one of the most important drivers of cryptocurrency value growth.

Given the fact that institutional investors' demand for this instrument is increasing, we can predict that the upward dynamics of BTC movement will continue in the coming years.

This year, bitcoin still has a chance of repeating last year's famous June rally with possible targets around the $14,000 mark, according to Bloomberg.

Viktor Pershikov from 8848 Invest doubts the bitcoin rate will rise to $100,000. However, in his opinion, there are still chances for the coin to rise to the historical maximum of $20,000.

Inflationary process in classical markets, collapse of dollar quotations, soaring gold prices and development of crisis sentiments against the background of the second wave of coronavirus infections may lead to new price records. These factors are capable of causing an increase in demand for protective assets.

In late September, Amsterdam Stock Exchange analyst Michael van de Poppe said that the key driver of bitcoin's price rise is the dollar. If its quotes continue to fall, it will help the growth of the cryptocurrency as well, as it was in 2017.

Russians have become more active in trading bitcoin against the background of the second wave of COVID-19, RBC writes. Representatives of platforms for working with cryptocurrencies note an increase in activity and registrations of users from Russia.