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The Bitcoin price didn’t have the best second half of 2019, plunging from a year-to-date high of $14,000 in June to $7,400, where it currently sits at this time.
At its lows, the BTC price fell as low as $6,600, languishing as Bitcoin (BTC) buyers failed to step in amid selling pressure seemingly catalyzed by Chinese regulation of digital assets and the operators of a multi-billion dollar Bitcoin scam selling their coins.
Despite the harrowing backdrop, Bloomberg’s Mike McGlone of the business media giant’s Intelligence unit believes that Bitcoin has a positive outlook heading into “2020 and the next decade” due to a confluence of factors.
This confluence, McGlone went as far as to say, could bring the cryptocurrency back into the five-digit range in the near future, which would be a welcome surprise for many investors in the industry, who has begun to think that Bitcoin has reentered a “Crypto Winter” state yet again.
Bloomberg’s McGlone believes that the bull case for Bitcoin is rapidly building, as long as the key support of $6,500 holds in the near future.
In fact, the analyst went as far as to say that it is “only a matter of time” before BTC breaks the key resistance at $10,000.
In other Crypto news today, Peter Schiff doubles down on his claim that Bitcoin is a “pump-and-dump” scheme in his most recent tweet:
“Bitcoin pump & dumpers are losing their mojo. They managed to pump the price by $550 in one minute, a 7.5% spike. Yet the dump reversed the entire pump with an 8% drop in just 7.5 hours. If #Bitcoin pumpers can no longer sucker in new buyers the game is over. Look out below!”
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DISCLAIMER: This is NOT financial advice. The views and opinions expressed in this video are just opinions, nothing more. Trading is very risky, especially when trading with leverage. Seek financial advice from a professional and trade at your own risk because I am not responsible for any investment decisions that you choose to make.
Show Notes / Resources:
Bitcoin pump & dumpers are losing their mojo. They managed to pump the price by $550 in one minute, a 7.5% spike. Yet the dump reversed the entire pump with an 8% drop in just 7.5 hours. If #Bitcoin pumpers can no longer sucker in new buyers the game is over. Look out below!
— Peter Schiff (@PeterSchiff) December 4, 2019
Why Bloomberg Analysts Expect Bitcoin Price to Rally Past $10,000