MEXCBitcoin Price Analysis: BTC/USD To Top $20,000 By The End Of 2020 – Bloomberg Analyst
- Bitcoin stops under $9,700 en route to $10,000 according to the prevailing bullish technical picture.
- McGlone, commodities analyst at Bloomberg believes Bitcoin has the potential to hit $20,000 by the end of 2020.
Bitcoin is back in the bullish phase after a considerable recovery from levels around $9,300. BTC/USD was forced back into the $9,000 range after it became very difficult to sustain gains above $10,000. On Monday, BTC had a short-lived spiked above $10,400 but an immediate reversal saw the bulls rush to defend the support at $10,000. Unfortunately, due to low volume and formidable support areas, Bitcoin spiraled towards $9,000.
At the momentum, Bitcoin is trading at $9,681. All eyes are glued on breaking above $9,700 (previous resistance zone). Gains above this zone could also pave the way for action past $10,000 in the same way it did on Monday.
A wider scope of Bitcoin’s market that the volatility is expanding. As the trend becomes bullish and more buyers enter the market, the European session could encounter more activity. For now, technical indicators show that Bitcoin could consolidate the gains from $9,300 above $9,600. The RSI, for instance, is currently moving horizontally at 60 after a retreat from the overbought region. Sideways trading would allow time for more buyers to join the market as their confidence in the recovery to $10,000 builds.
BTC/USD daily chart
According to McGlone, Bloomberg’s commodity analysis, Bitcoin has the potential to double its value to $20,000 by the year. The analyst says that Bitcoin’s potential growth is reminiscent of the increased active addresses, surging futures markets due to institutional involvement, and the halving’s positive impact. McGlone reckons that Bitcoin’s trend before and after halving is similar to that in 2016 and if history repeats itself then $20,000 by the end of 2020 is possible.
Bitcoin Key Intraday Levels
Spot rate: $9,678
Relative change: 10
Percentage change: 0.1%
Trend: Bullish
Volatility: High
- Trump Insider Whale Reloads $430M Long on BTC, ETH Ahead of Tomorrow’s Fed Rate Cut Decision
- Breaking: $2.6B Western Union Announces Plans for Solana-Powered Stablecoin by 2026
- Trump Media Launches Polymarket Rival, Eyes $9B Prediction Market with Crypto.com
- Bitget Lists Common Token, Launchpool Offers 36M COMMON in Rewards
- Coinbase Prime Taps Figment to Boost Institutional Staking on Solana, Cardano, and Sui
- Pi Network Patterns Point to More Gains Despite Manipulation Claims
- HBAR Price Poised to Hit $0.30 as Canary Capital ETF Starts Trading.
- Will Solana Price Rally to $300 as Bitwise Launches $BSOL ETF?
- XRP Price Chart Patterns Hint at 2017-Style Breakout as Evernorth Acquires $1B XRP Ahead of Nasdaq Debut
- Cardano Price Eyes 80% Rally as x402 Upgrade Sparks Hope for AI Payment Expansion
- Polymarket Traders Bet Ethereum Price to Hit $5,000 as Bullish Pattern Forms
Why Trust CoinGape
CoinGape has covered the cryptocurrency industry since 2017, aiming to provide informative insights Read more…to our readers. Our journal analysts bring years of experience in market analysis and blockchain technology to ensure factual accuracy and balanced reporting. By following our Editorial Policy, our writers verify every source, fact-check each story, rely on reputable sources, and attribute quotes and media correctly. We also follow a rigorous Review Methodology when evaluating exchanges and tools. From emerging blockchain projects and coin launches to industry events and technical developments, we cover all facets of the digital asset space with unwavering commitment to timely, relevant information.
