While Bitcoin saw a 10% jump this week, rallying from the multi-month lows of $6,400 to surge as high as $7,300, there is still a sentiment in the cryptocurrency market that a return to the $6,000s, then a drop to the $5,000s is entirely feasible. For instance, cryptocurrency trader Mac remarked that $5,100 — 30% lower than current prices — will be the ultimate bottom of the bearish move that has formed. He looked to a confluence of price levels: the double-month volume-weighted average price, a “price inefficiency fill” level, and the 200-week moving average. This was followed by Bitcoin analyst Jacob Canfield, who as reported by NewsBTC previously, said that he thinks BTC is not yet near a macro bottom. He thus remarked that the cryptocurrency is likely to see a 20% drawdown from the current level of $6,900 to $5,500, for there is where the 0.786 Fibonacci Retracement of the rally from $3,100 to $14,000 lies. Despite these analyses, a Bloomberg Intelligence strategist has asserted that Bitcoin has a higher likelihood of surging to $10,000 than retracing all the way to the $5,000s. Here’s why. Mike McGlone, the senior commodities strategist for Bloomberg Intelligence, recently made the assertion that Bitcoin has a higher likelihood of surging 40% to $10,000 than falling by 30% to $5,000 in 2020, arguing that BTC is entering a consolidating bull market phase, marked by a tightening in moving averages. Bitcoin in 2020: $10,000 Appears to Be More Likely Than $5,000 —#Bitcoin should continue to advance in a consolidating bull market, in our view, with maturation of the first-born crypto in the next decade the primary distinction vs. the current one. pic.twitter.com/JxEAhArwTf — Mike McGlone (@mikemcglone11) December 19, 2019 As to why he has made this assertion, McGlone mentioned in his December Crypto Outlook report for Bloomberg Professional subscribers that there are a variety of bullish factors that have a good likelihood of boost BTC higher. They are as follows. Related Reading: Research Group: Bitcoin’s Halving Unlikely to Catalyze Bull Run, But Here’s What Might
Bitcoin Could Gain 40% in Early 2020 for These Reasons
Related Reading: Bitcoin Price is Poised to Return to $6,500 Lows; Analysts Explain Why
Related Reading: Should History Repeat, Bitcoin Price Will Drop 40% to Bottom at $4,300
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