May 28, 2023

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

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

The second half of 2019 was not the best for Bitcoin, as it fell from an annual high of $ 14,000 in June up to the current $ 7300. At its minimum, cryptocurrency even turned out to be at $ 6,600 amid an overabundance of offers, which, apparently, was also supported by a dump from PlusToken.

Despite these 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, the rapid growth of bitcoin in the near future will be based on a key support level of $ 6500. 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 rally of gold should pushBitcoin to growth. Although gold is still declining, the macroeconomic picture may begin to favor it in 2020 (and then bitcoin); potential recession, resumption of trade wars and other problems of the traditional system may lead to the growth of alternative assets.
  • Secondly, McGlone believes mass recognition andBitcoin supply shortages benefit amid extremely unfavorable conditions for the traditional economy. Until these basic prerequisites for Bitcoin are reversed, there is a high chance of a price increase, McGlone said. The analyst, of course, takes into account the upcoming event of the reduction of miners' fees, 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:

  • Strong growth in US stocks, namely the S&P 500, implies the likelihood of investors allocating funds for risky assets such 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.