Bitcoin (BTC) Will Hit $20k This Year Despite The Recent Crash, Crypto Analysts Say
As you all know, BTC crashed from above $9,000 to $7,800 in a move that has been called by many as uncharacteristic during such an uptrend.
While there has been a lot of debate regarding the reasons for both the surge and the fall of the coin, there are some bullish predictions on the horizon regarding BTC’s price at the horizon.
At the moment, BTC is trading in the red on CoinMarketCap, and the most important digital asset in the crypto space is priced at $$7,814.55.
BTC is under difficult conditions
The rapid collapse of BTC has placed the coin under some tough conditions from a tech point of view.
Ethereum World News just cited data from Bloomberg and reported that the “the GTI Vera Convergence-Divergence indicator has issued a sell signal for the first time since April, which preceded a short-term sell-off in the $5,000 region.”
This, according to Bloomberg, suggests that “there could be further downside as Bitcoin halts its recent monster rally.”
On the other hand, some analysts remained completely bullish, no matter what. They see BTC hitting $20k by the end of the year.
BTC could hit $20k or $25k by the end of 2019
The online publication mentioned above writes that during a recent interview with lifestyle publication The Independent, Oliver Isaacs who is an industry analyst explained that Bitcoin has the “potential to hit $25,000 by the end of 2019 or early 2020.”
It seems that a “rally to $25,000 by the end of 2019 would see BTC rally by 224% in six months’ time”.
Everyone who knows a thing or two about the crypto space and the market also knows that this possibility is definitely a viable one.
The catalyst for this move is reportedly the US-China trade war which made BTC seem a safe haven or hedge asset in spite of the volatility and youth of the entity.
For the moment, BTC is expected to reach $12,000 and then find consolidation at $10k.
CoinMarketCap is a website that provides cryptocurrency market cap rankings, charts, and more. It was purchased by Binance for $400M in 2020.
Andreas Townsend Author
I am a technical writer, author and blogger since 2005. An industry watcher that stays on top of the latest features, extremely passionate about finance news and everything related to crypto.