Bitcoin Price: What’s Next?
Bloomberg predicts the new all-time high, while Bitcoin hovers around 10k! Crypto Twitter gives several possible scenarios. What 2020 prepared for BTC? Get info, but do your own research!
Bloomberg Finance released the June 2020 Edition of Bloomberg Crypto Outlook, saying says that all signs point to Bitcoin going on the major bull run in 2020, the only question is whether it will break the all time high of $20,000.
Something Needs to Go Really Wrong for Bitcoin to Not AppreciateBloomberg Finance
The report indicated that BTC gained 6.7% in value last month. The data of June 2, indicated the gain of 33% since the beginning of 2020, and +11% in a year.
This year is about increasingly favorable technical and fundamental underpinnings for Bitcoin, and less so for the broader crypto market, in the view of financial experts. The report suggests that COVID-19 has accelerated Bitcoin’s maturation as an asset, showing its strength amid declining equities. In addition, it points to the ever-increasing appetite from institutional investors, and Grayscale, or GBTC, in particular, which has been consuming about 25% of the new supply.
Bitcoin breaching $10,000 Takes the Market Gold
Bitcoin is mirroring the 2016 return to its previous peak. That was the last time supply was halved, and the third year after a significant peak. The graphic below depicts Bitcoin marking time for a third year following the parabolic 2017 rally. After 2014’s 60% decline, by the end of 2016, the crypto about matched the 2013 peak. Fast forward four years and the second year after the almost 75% decline in 2018. Experts forecast that Bitcoin will approach the record high of about $20,000 this year.
Nevertheless, the price of Bitcoin abruptly dropped to $8,600 in less than five minutes on June 1, and top crypto traders are split on the direction it will go.
Bearish signs were indicated by cryptocurrency trader Cred, who said that failed breakout usually leads to the opposite boundary. The bearish scenario for Bitcoin in the short term is quite simple. Traders, like Salsa Tequila, agreed that the price of Bitcoin will likely reject upper resistance levels. DonAlt even said that BTC is possibly going to lower levels, including $7,700 and $6,400.
Others, like Satoshi Flipper, favors a bullish scenario in the short term. The bullish scenario for Bitcoin in the short term is to establish $9,400 as a support level and remain above it to climb back over the $10,500 mark.
Optimists, like investment manager Timothy Peterson, say that Bitcoin will never trade below five figures again.
No matter, what leading financial analysts and cryptocurrency traders say, the BTCMEX Blog strongly recommends you to DYOR – Do Your Own Research – to secure the profit in your trades!