One Bloomberg analyst predicts that it is more likely for Bitcoin (BTC) to visit $10,000 soon rather than fall 30% as it was expected from other analysts. Even though the most dominant cryptocurrency saw a 10% jump this week and rallied from the multi-month lows of $6,400 to as high as $7,300, we can see that there is still a sentiment that a return to the $6,000 and a drop to the $5,000 is an option.
One of them was the cryptocurrency trader Mac who remarked that $5,100 which is 30% lower than current prices is what the ultimate bottom of the bearish move could be. He looked to a confluence of price levels and said that there is a “price inefficiency fill” level and the 200-week moving average.
This was later followed by the Bitcoin analyst Jacob Canfield who in contrast to the Bloomberg analyst, said that he thinks that BTC is not yet near a macro bottom. He also remarked that the cryptocurrency is likely to see a 20% drawdown from the current levels and that a rally is hardly possible.
Despite all of these analyses in the crypto news today, a Bloomberg analyst has asserted that Bitcoin has a higher likelihood of surging to $10,000 than retracing all the way to $5,000. He explained why in detail.
We are talking about Mike McGlone, a senior commodities strategist for Bloomberg Intelligence. He recently made the assertion that Bitcoin has a higher likelihood of surging 40% to $10,000 than falling by 30% to $5,000. The Bloomberg analyst also noted that BTC is entering a consolidating bull market phase which is marked by a tightening in moving averages.
Bitcoin in 2020: $10,000 Appears to Be More Likely Than $5,000 —#Bitcoin should continue to advance in a consolidating bull market, in our view, with maturation of the first-born crypto in the next decade the primary distinction vs. the current one. pic.twitter.com/JxEAhArwTf
— Mike McGlone (@mikemcglone11) December 19, 2019
McGlone mentioned in his December Crypto Outlook report for Bloomberg Professional subscribers that there are many bullish factors which have a good likelihood to boost BTC higher.
Some of the most important ones which the Bloomberg analyst referred to included gold’s strong year which could bring strength in Bitcoin, too. He also pointed to the adoption and halving as events which may boost BTC very soon.
“Bitcoin is winning the adoption race among crypto assets and is becoming increasingly scarce, which favors price appreciation. Plenty can go wrong with a nascent asset, but unless the basic premises reverse, there’s a higher probability to sustain price appreciation vs. depreciation,” he wrote in the Bitcoin price news today.
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