Bitcoin is currently hovering around $7,500 and seems unable to rise above $10,000 but Mike McGlone, the analyst at Bloomberg, is optimistic about the future price and claims that value will go above $10,000.
Second-half of 2019 was bad for BTC
The second half of 2019 does not prove to be fortunate as the value drops drastically and suspended in a hibernation state. The value touched the figure of $14,000 in June, the highest recorded value of the year. Recently, it slumped to even $6,600 but recovered slowly and now residing around $7,500.
The sudden drop of value is linked to the Chinese’s strict policies on digital assets and scammers who snatched Bitcoins illegally, sell their BTC. There may be some other reasons for dumping such as people’s belief is fading on digital gold to be the future digital currency.
Bitcoin to $10,000
Mike McGlone, at business intelligence unit of Bloomberg, has a strong belief on bitcoin and states that digital gold asset is accumulating for a bullish rally. He aimed that Bitcoin has a strong notion of future for “2020 and the next decade” due to some strong reasons.
It is going to get the five-digit figure soon which would calm the pressure of traders and investors, and to those who believe that ‘crypto winter’ has arrived. He went on saying it is “only a matter of time” and BTC would definitely cross the resistance level of $10,000.
He compared the digital gold with the Gold. As, currently, gold is also at its lows which surged at its highs in the late summer. Now, the rally stage of gold is coming and the same is with the Bitcoin for 2020. According to him:
Bitcoin is winning the adoption race among crypto assets and is becoming increasingly scarce, which favors price appreciation. Plenty can go wrong with a nascent asset, but unless the basic premises reverse, there’s a higher probability to sustain price appreciation vs. depreciation.
Another crypto expert at Fundstrat, Thomas Lee, also rejected the future bearish trend and stated that he expects some positive things from Bitcoin for 2020. He put some reasons behind his stance. There is a strong link between the S&P 500 and Bitcoin. The growth of S&P 500 implies that investors are ready to invest in risky assets such as BTC.