The highest price point for bitcoin in 2019 was $13,880. Any other asset sinking by 20 percent or more would have been classed as a bear market but not for Bitcoin…
The leading cryptocurrency has seen a drawback of more than 40 percent in previous bull runs and many market participants are comfortable holding a cryptocurrency.
In order to prove this point, CCN questioned experts on where they see bitcoin going over the next few months before 2020. Many of these analysts and experts were quite bullish on bitcoin and have faith that it will rise again to the all-time high it reached at the end of 2017 with a $20k price point.
There’s been a history of bad price targets from analysts so for those that have been in the space for a while will tend to avoid extreme targets like ‘$100k bitcoin’. Some traders give very conservative price predictions such as the Twitter analyst, Benjamin Blunts who sees bitcoin being able to recover to $10k.
“I think we can be back at $10,000 by year end provided we get a strong bounce from the $7,500 support zone on [the] daily.”
The founder and executive of Transform Group, Michael Terpin said:
“The price of bitcoin historically advances sharply two quarters before the halving and has also averaged triple-digit gains in the fourth quarter if you remove the corrective years following all-time highs. This Q4 should most closely resemble Q4 2015, which saw an 85 pct gain in the quarter, which would put the price of BTC at $15,400.”
There’s a lot of debate within the space as to where bitcoin might end up. Everyone has their own methods of deciding such predictions so it’s hard to know who you should believe.
Whatever you do, please do your own research before putting your money in a cryptocurrency and always remember to trade safe!
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