A report published by senior commodity strategist for Bloomberg Intelligence Mike McGlone has revealed the analyst believes bitcoin is “winning the adoption race” in the cryptocurrency space and could keep rising in 2020.
According to the report, there are two factors to take into account benefiting bitcoin: its fixed supply of 21 million BTC, and increasing adoption as a store-of-value asset. The analyst wrote BTC’s supply is set to increase only 2.5% this year, on its path to “zero growth.”
The report adds:
Our takeaway is straightforward: Bitcoin is winning the adoption race, notably as a store-of-value in an environment that favors independent quasi-currencies.
McGlone also predicted the flagship cryptocurrency’s volatility is set to keep on declining, expecting it to find support at the $6,000 mark, and to face resistance at $10,000. The analyst added, nevertheless, bitcoin is likely going to migrate towards its 2019 high close to $14,000, but won’t maintain that level for long. Read More...