Bitcoin (BTC) was hit hard after it managed to exceed $ 10,000. BTC lost $ 1,500 in three minutes, dropping to $ 8,600 in BitMEX. On spot exchanges and some other derivatives exchanges, the cryptocurrency has dropped to the lowest of $ 9,000.
Despite the brutal sales, a Bloomberg analyst said that Bitcoin could reach $ 20,000 in 2020.
Bitcoin (BTC) Follows 2016
According to Bloomberg’s senior commodity analyst Mike McGlone, the leading cryptocurrency will reach $ 20,000 by the end of 2020.
McGlone; He announced that before and after the block reward halved in May, Bitcoin’s price movement in the past few months was very similar to the price movement in 2016. If the historical relationship continues, BTC could reach $ 20,000.
In addition, the following developments convince the cryptocurrency market and McGlone to the optimism that the $ 20,000 goal will be achieved:
- BTC outperforms exchanges, attracting more investors to the cryptocurrency market.
- Bitcoin is adopted institutionally, as the CME futures market shows.
- The number of active BTC addresses is increasing.
- Halfway is expected to have a positive effect on the supply-demand dynamics in the crypto market.