Bitcoin is still in a consolidating bull market, shows the 2020 prediction of Mike McGlone, senior commodity strategist at Bloomberg Intelligence.
Bitcoin Evaded the Worst Scenario of Fast Slide, So Far
The behavior of BTC has been erratic in the last months of 2019, leading to even more erratic predictions for the next year. But the overall bullish trend is still valid in the long-term, McGlone commented on social media. And prices may be closer to $10,000 than to a low of $5,000.
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
The behavior of bitcoin will mature in its second decade, but there are enough bullish attitudes to push up the coin. The price of $10,000 is not that unusual for bitcoin, and the coin has achieved periods of significant stability.
May Wait for Years for New Price Record
Yet the $10,000 price range is somewhat underwhelming, as bitcoin also set expectations for repeating its all-time high, or possibly making more significant yearly highs. More bullish predictions see bitcoin attempt to recover $20,000, although it is uncertain if 2020 would be the year this happens.
After the slide in the last quarter of 2019, bitcoin predictions became more cautious. But BTC showed it can stem the slide, and achieved the most recent low above $6,500. Yet there are still expectations for further price weakness and a bottom for prices in early 2020.
Still, bitcoin heads for the end of 2020 with gains close to 100%, despite the setbacks. BTC recovered to $7,187.06, re-establishing some of its stability levels. The coin showed its capability of bouncing back, with enough traders and whales to reverse the most recent slide.
In 2020, it is expected miners may also continue to make investments, phasing out mining rigs for new models. However, the halving of the block reward remains an event that can either cause a price rally, or great damage.
But after the bear market of 2018, BTC showed that yearly growth is possible, even if slower in comparison to previous boom years.
— ILYA plan ₿ 🔑⛓️⚖️ (@BitcoinILYA) December 18, 2019
BTC moves into 2020 with multiple tools to a self-fulfilling prophecy about prices. Spot markets give ways to predictive markets, making it impossible to sway the price in the way the early years boosted positions through bot trading and concerted orders.
While bitcoin could possibly preserve its high prices, there are also opinions that new all-time highs may arrive years into the future, as 2020 would be too early for significant price moves.
What do you think about the BTC price prediction for 2020? Share your thoughts in the comments section below!
Images via Shutterstock, Twitter @BitcoinILYA @mikemcglone11