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Bloomberg Analyst: Why the Bitcoin Price will Double to $20,000 in 2020


Bloomberg Analyst: Why the Bitcoin Price will Double to $20,000 in 2020

Bitcoin took a heavy beating yesterday after attempting to break past $10,000 for the first time in weeks. As reported by Bitcoinist previously, the asset plunged by $1,500 in three minutes, falling as low as $8,600 on BitMEX due to a barrage of sell orders. On spot exchanges and some other derivatives exchanges, the cryptocurrency managed to hold the low-$9,000s. Despite the brutal sell-off, a Bloomberg analyst sees Bitcoin hitting $20,000 in 2020. He cited a confluence of fundamental factors to back this cheery prediction.

BITCOIN COULD DOUBLE IN 2020

According to senior commodities analyst at Bloomberg Mike McGlone, the leading cryptocurrency is on track to hit $20,000 by the end of 2020. McGlone explained Bitcoin’s price action over the past few months, before and after May’s block reward halving, is looking much like the price action in 2016. Should the historical relationship continue, BTC could hit $20,000: Read More...