6 Tailwinds that will Push Bitcoin Price to Double in 2020

[Shahinaz]

Get ready for a bullish 2020 that will see us finally breaking into a new all-time high.

After losing 16% of its value in November, the price of Bitcoin traded above $7,000 in the first week of December, going as high as $7,800. Currently, we are trading at $7,550, up by 2.80%, as per Coincodex.

Mike McGlone senior commodity strategist at Bloomberg Intelligence says 2019 was the year of Bitcoin’s transition towards the gold. This maturation process, he says would continue as volatility declines.

Just like with gold, Bitcoin is retracing a bear market, said McGlone in Bloomberg’s Crypto Outlook for December 2019 report. He sees $6,500 — the most widely traded price — as good support for the world's leading cryptocurrency and sustaining below this “unlikely”.

Actually, he says, there are higher chances of it going to a 2019 high than to revising the $3,360 low. This is because Bitcoin has already declined 50% from 2019’s peak, “which will limit further declines.”

more : https://bitcoinexchangeguide.com/6-tailwinds-that-will-push-bitcoin-price-to-double-in-2020/