Bitcoin will continue to grow in 2020: factors affecting the BTC rate

According to Mike McGlone, Lead Analyst at Bloomberg Intelligence, Bitcoin will continue toTo thisTwo main factors will contribute: a limited volume of the issue of this cryptocurrency and a future reduction in the block reward by half.

“Bitcoin leads the pace of attracting investment, especially as a means of preserving value in an environment conducive to independent quasi-currencies”"In the future, we will be able to meet the needs of our clients," McGlone said.

He added that in 2020 only about 2.5% of the total number of coins will be mined, which is a historical minimum and will create the prerequisites for the growth in the value of this cryptocurrency.

Factors Affecting Bitcoin Rate

Another factor that will contribute to the growth of bitcoin will be the increase in gold prices on world markets.

According to the analyst, this year the level is at 6.$ 000 will be the key support level, and $ 10,000 will be the resistance level. This will lead to a noticeable decrease in volatility and arouse interest in the asset from institutional investors.

McGlone expects that the price of bitcoin will not fall below $ 3,300, while striving for a maximum of $ 14,000. According to him:

“Bitcoin should again overshadow most crypto assets in terms of return in 2020, as a unique digital version of gold.”

To such statements, even from such well-knownanalysts should be treated with healthy skepticism and not perceived as a guide to action. Recall that at the beginning of 2018, Mike McGlown expressed an opinion about the fall of the Bitcoin exchange rate to $ 900 in 2018, which, as we recall, has never happened.

It is necessary to closely monitor the situation onmarket, because cryptocurrencies are characterized by a very fast change of trend. Invest wisely and study information from many different sources before making a decision!

</p>

Rate this publication