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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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