March 29, 2024

Overcoming $ 10,000 for Bitcoin is “just a matter of time”

It's 'only a matter of time' before Bitcoin crosses $10,000

The second half of 2019 was not the best for Bitcoin, as it fell from a yearly high of $14,000 in June.to current $7300. At its minimum, the cryptocurrency even found itself at $6,600 amid an oversupply of supply, which, apparently, was also supported by a dump from PlusToken.

Despite such problems, analyst Mike McGlone of Bloomberg said that“Bitcoin's forecast for 2020 and decades is positive due to a number of factors.”

These factors, according to McGlone, will soon“Bitcoin will be returned to the range of five-digit numbers”, and this will be a pleasant surprise for many investors who have already begun to think about the “cryptozyme”.

According to McGlone's analysis, Bitcoin's rapid rise in the near future will rest on the key support level of $6,500. Overcoming $10,000, according to the analyst, is“Only a matter of time”. An analyst at Bloomberg also named growth factors:

  • At first,in his opinion, the gold rally should pushBitcoin is growing. Although gold is down for now, the macroeconomic picture may start to favor it in 2020 (and then Bitcoin); a potential recession, renewed trade wars and other challenges to the traditional system could lead to growth in alternative assets.
  • Secondly,McGlone believes that mass acceptance andBitcoin's supply shortages benefit from extremely unfavorable conditions for the traditional economy. Until these underlying assumptions for Bitcoin are reversed, there is a good chance the price will rise, McGlone said. The analyst, of course, takes into account the upcoming event of a reduction in miner rewards, and also relies on the simple law of supply and demand.

Speaking recently at CNBC, Tom Lee of Fundstrat drew attention to three positive factors that could push the price of bitcoin up in the coming year:

  • The strong growth of American stocks, namely the S&P 500, implies the likelihood of investors allocating funds to such risky assets as Bitcoin and cryptocurrencies;
  • A future reduction in bitcoin rewards (emissions) over time will increase the demand for BTC and positively affect the price of the coin;
  • Although China has a tough stance on cryptocurrencies, its warm attitude towards blockchain technology will ultimately have a positive effect on cryptocurrencies.

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