Bitcoin is still in a consolidating bull market, as the 2020 forecast by Mike McGlone, Bloomberg’s senior commodity strategist, shows.
Bitcoin has escaped the worst so far
Bitcoin’s behavior was particularly unpredictable in the last months of 2019 – and that has led to even more unpredictable predictions for next year. However, the general upward trend is still valid in the long term, as McGlone comments. And prices will be closer to $ 10,000 than a low of $ 5,000.
Bitcoin’s behavior will mature into existence in its second decade, and there are enough bullish reasons that could push the coin up. A price of $ 10,000 is not uncommon for Bitcoin, and the coin has reached periods of significant stability.
Years of waiting for a new all-time high
Still, a $ 10,000 price tag is a bit underwhelming. Bitcoin is happy to reach its all-time high again or to reach even higher annual highs. Bitcoin sees further bullish forecasts as it hits the $ 20,000 mark again – although it’s uncertain whether that will happen in 2020.
After the downturn in the last quarter of 2019, Bitcoin predictions became more hesitant. But BTC’s recent low of over $ 6,500 has shown that it can slow the slide. Still, there are still expectations of further price weakness and a low in early 2020.
Nonetheless, Bitcoin is heading towards the end of the year with gains close to 100%. BTC rebounded to $ 7,187.06, restoring a degree of stability. The coin showed its enormous recovery ability – and brought enough traders and whales to the table to reverse the recent decline.
Miners are expected to continue investing in 2020. Halving the block reward, however, remains an event that can either cause a price rally or cause great damage.
However, after the 2018 bear market, BTC has shown that annual growth is possible – albeit slower than in previous years of the boom.
Several aspects could become a self-fulfilling prophecy for the 2020 BTC price. The spot markets create forecasting markets that make it impossible to influence the price in the way that was the case in the first years through bot trading and concerted orders.
While Bitcoin may maintain its high prices, some also believe that there will be no significant price movements in 2020 and that new all-time highs will only be reached in many years.