Bloomberg analysts expect that bitcoin’s price will surpass the $10,000 price range despite its low levels of $7,400 and $6,600 as previously reported Bitcoin price news.
Bitcoin had a struggling second half of 2019, dropping from a year-to-date high of $14,000 in June to $7,400 as the Bitcoin buyers filed to step in amid the selling pressure seemingly catalyzed by the Chinese regulation of digital assets as the operators of multi-billion dollar Bitcoin scam selling the coins. Despite the price backdrop, Bloomberg analysts including Mike McGlone of the business media giant’s intelligence unit believe that Bitcoin has a strong positive outlook heading to the 2020 and the next decade as well because of many factors.
This confluence of factors McGlone explained that will bring the cryptocurrency back into the five-digit range in the close future which will be a welcoming surprise for many investors in the industry who began thinking that bitcoin has reentered a ‘’crypto winter’’ state again. Bloomberg’s McGlone believes that the bullish case for the Bitcoin price is in the forming as long as the key support of $6,500 holds in the near future. The analyst said that it is ‘’only a matter of time’’ before Bitcoin breaks the key resistance of $10,000.
The analyst first explained that as gold rallies, bitcoin will too. While the precious metal is right now trending lower after it peaked last summer in the middle of the trade war talks, the macro picture for the gold is looking favorable heading into 2020 with a slight recession restart of the trade war due to the latest Chinese regulations.
Second, McGlone explained that a perfect storm will be building for the cryptocurrency in terms of the basic premises which are mass adoption and fixed supply cap. He said:
“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 also tried to support the main idea that the halving event will act as a negative supply shock for the marketplace on the simple supply and demand economics.
Bitcoin On A Faint Note This Monday Towards $8K: Analysis
New Jump For BTC: $8,500 Is “Again On The Table” According To Analyst
“On-chain momentum is crossing into bullish [territory]… The bottom is most likely in, any [move] lower will be just a wick in the macro view,” Woo said.There is also Glassnode, which is a crypto centric on-chain intelligence firm which recently noted that their metrics suggest that Bitcoin is bottoming and is slated to revert higher in a "strong" fashion.It is the Market Value to Realized Value (MVRV) which is implying the above mentioned, as well as showing that the crypto asset investors are believing in the topic. A reading of this would mark a bottom for the cryptocurrency market soon, too.At press time, Bitcoin is trading at $7,563 while the total market cap is $204 billion and the trading volume sits at $49 billion.
Bitcoin Faced The Largest Price Drop Of 2019 Despite Slight Increase
Boring Bitcoin: BTC Still At $7,500 With No Sign Of Upswing
“Earlier this year, bitcoin went from $4,000 to $14,000 in less than three months. But one pullback, and everyone forgets.”Despite the negative price action, the Bitcoin news updates today show that the cryptocurrency is still holding on well. However, it did not manage to breach the $10,000 level which was expected for this month.Currently, the boring Bitcoin is said to break out in the near future and probably test the $10,000 region this year. If that happens, analysts would be lucky and can see a bullish potential in the most dominant cryptocurrency once again.Today, we can see reds all over the market but with a maximum of 1% for most coins and a negative drop of 1.64% for Binance Coin (BNB). On the other hand, a major gainer on the day is Cardano (ADA) with a 5.20% rise. The total cryptocurrency market cap managed to go above $200 billion and is at $204 billion at press time.
Cyber Criminal Activity Dominated By Crypto Mining Malware
Binance Carries Out 10th Token Burn , Removes $38.8 Million BNB
Rival Blockchain Attacks Are On The Verge On Increasing: Report
Ethereum 2.0 Testnet Is Advancing, Gains 22,000 Validators
Sablier Payment Protocol Enables Streamed Salaries In Crypto
Gemini Launches An Insurance Company To Cover Up For $200M Of Its Branch
Bitcoin May Not Go Parabolic (Towards Five Digits) Just Yet
Chainalysis Reports: $2 Billion BTC Was Laundered Through Exchanges
YouTube Purge Comeback: Davinci Reports His Channel Was Blocked Again
Bithumb Filed Complaint Against The National Tax Service
China Declares Bitcoin As Property! Central Banks Prefer Crypto? SONY “Contactless” Hardware Wallet
JPMorgan Predicts A 60% Recession, Is Crypto The Best Chance Now? | [Bitcoin News // Crypto News]
Ethereum Sees Record Number of Shorts! NEM Blockchain Hub | Samsung Blockchain Supply Logistics
Crypto Jobs Up 300%! Lost BTC 20% Rate of Recovery | Only 45% of Exchanges Meet Security Standards
DC Forecasts Proudly Backed The Global Disruptive Blockchain Innovation Summit
Join us on Facebook
- Litecoin News7 days ago
40 Million LTC Coins Remain Locked For A Year While Price Rises
- Ethereum News7 days ago
Ethereum Will Likely Surpass $150 According To Key Technical Indicators
- Altcoin News6 days ago
Foin Project Issues Long Explanation On Why The Price Slide Happened
- Litecoin News6 days ago
LTC Retracement Bound For Correction Before Going Bullish
- Altcoin News7 days ago
More Altcoin Mining Will Be Integrated By Mining Pools In 2020
- Blockchain News6 days ago
PwC Swiss Partners With Smart Contract Auditing Firm ChainSecurity
- Bitcoin News6 days ago
ETF Giant WisdomTree Confirms Plans For Launch Of A Stablecoin
- Bitcoin News6 days ago
Bitcoin Could Visit $8,800 But BitMEX Signals New Warning