Bitcoin forecast 2020: awaiting summer rally

I believe that in the coming days, the cryptocurrency will come out of its half-asleep state and begin to move upward.

For Bitcoin, I am waiting for movement from the current level of $9.200 to the resistance area at $13,000, which implies a 40% increase; I expect approximately the same dynamics from altcoins. Let me remind you that after the Bitcoin halving, which took place in May 2020, miners’ rewards fell. But the network hashrate has remained virtually unchanged; last year’s equipment no longer meets the cost of electricity and does not pay for itself.

I wrote earlier in the article About crypto, money and life,that Bitcoin is now undervalued, its market price is 50% lower than the cost of mining. Therefore, I assume that technical and fundamental factors will form one picture and in the summer we will see the cryptocurrency rally that many are waiting for.

Personally, I now give preference very mucha small number of cryptocurrencies and do not try to cover everything even from the list of TOP 10 cryptocurrencies. They move the same way, so there is no point in being scattered, especially considering that Bitcoin is gradually squeezing out the capitalization of the cryptocurrency market. Moreover, Vitalik Buterin is doing some alchemy with his Ethereum 2.0. Something could come out of this too.

Let me remind you that back in December 2019 I publishedarticle Bitcoin forecast 2020: course, price, expert opinion, where he expressed the point of view of various analysts and agreed with specialists from BitMEX that this year Bitcoin will move in a wide range of about 4,000-17,000 US dollars per 1BTC. Moreover, we passed the lowest point in March 2020.

Bitcoin forecast 2020

To what extent can the price reach if the summer rally takes place?

I assume that the nearest such levelresistance may become $13,800-14,000. This is the peak price of Bitcoin during the rather hot summer of 2019 for all fans of investing in cryptocurrencies.

Original post on my blog.

Thank you for the attention.