Bitcoin price set for a massive surge in 2020, report

Bitcoin price set for a massive surge in report

According to a recent analysis conducted by a Bloomberg researcher the Bitcoin price is likely to grow by leaps and bounds this year, and there are two main contributing factors to the same.

As the world makes a gradual shift towards quasi-independent currencies that thrive on decentralization and sovereignty, cryptocurrencies like Bitcoin are set to win the adoption race, given the existing environment that favors store-of-value assets.

Bitcoin price to hit record highs in 2020, report

A Bloomberg report suggests that Bitcoin price will experience a surge, mainly because of two reasons – a fixed supply of twenty-one million coins and an ever-growing adoption rate considering its increasing demand as a safe haven asset. Yes, Bitcoin is undoubtedly emerging triumphant, says Mike McGlone, a commodity strategist at Bloomberg.

According to him, the Bitcoin supply shows negligent growth and is likely to increase by as little as two percent (2.5%), which is almost close to zero growth rate. Moreover, the escalating gold prices should also compel people to move towards Bitcoin as consider it a much profitable investment, he speculates.

Volatility no longer a concern

Another possible explanation behind Bitcoin price set out to hit all-time highs yet again this year is a decline in the volatility. McGlone suggests that Bitcoin volatility is decreasing based on the assumption that it would probably find critical level support at six thousand US dollars ($6000) and a peak resistance at ten thousand US dollars ($10,000). 

He also claims that in 2020, Bitcoin price is likely to incline towards its 2019 record-high amount of fourteen thousand US dollars ($14,000) and wouldn’t trade below the trough set at three thousand three hundred US dollars ($3300). All in all, McGlone supposes that Bitcoin will easily emerge as one of the best-performing financial assets in 2020 and will be appreciated as the advanced and more profitable version of gold.

Featured Image by Pixabay

Manasee Joshi

Manasee Joshi

An avid reader and an enthusiastic writer, Manasee recently chose to dedicate her time doing freelance writing. A degree in English literature and experiences in Administration, HR, finance, literature, creativity and innovation tucked under her belt, she crafts engaging and compelling content for crypto and blockchain audience.

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