Bitcoin (BTC) 2020 Price Predictions, Revealed By BitMEX Research
The crypto market looks pretty green today, with almost all the coins showing an upward trend in price.
At the moment of writing this article, Bitcoin is also trading in the green, and the most important digital asset is priced at $7,327.85.
Crypto predictions for 2020
The research arm of the crypto exchange BitMEX released a set of predictions for 2020.
Its outlook suggests that BTC trademark volatility will more than likely continue.
– $BTC over $2,000, but also under $15,000
– $BTC dominance under 75%, but also over 30%
– CSW says: 2021 is year the Chinese shutdown BTC mining & 1m of his coins hit the market (Whatever else)
– #MATIC falls in value by over 80% @NemanjaMatic
Happy New Year
— BitMEX Research (@BitMEXResearch) December 24, 2019
According to BitMEX, the dominance of BTC of the crypto market, in general, will remain under 75%.
The number suggests that the altcoin market is here to stay for the foreseeable future, despite there are a lot of predictions that are claiming otherwise.
BitMEX research said that BTC’s shared of the overall market could dip as low as 30%. BTC hit the low 30% range at the height of the BTC and altcoin market frenzy that took place back in January 2018.
It’s been revealed by the online publication the Daily Hodl that the company is expecting BTC to rise as high as $15,000 in 2020 and says it will remain above $2,000 in a worst-case scenario.
Bulls should break through $7,650
According to info coming from the same online magazine, The Cryptomist is looking for bulls to break through $7,650 in order to build momentum for a further increase.
The online publication mentions another important name in the crypto space, Scott Melker of West Texas Capital, who said he just increased his position, buying BTC at $7,445.
Phone chart, alarm went off while getting my haircut. Was looking for a retest of the red descending line. I got it and bought it. pic.twitter.com/yCapNhvUVm
— The Wolf Of All Streets (@scottmelker) December 23, 2019
He’s expecting for Bitcoin to break resistance at about $7,860.
“Different view, same area. As you can see, $7,860-70 is the key resistance. It is also the top of the local trading range (blue shaded area). The wick below the range was a clear signal that price was likely to bounce. Now it needs to exit the range,” he said.
Despite the high market volatility, optimistic crypto predictions continue to appear in the crypto space.
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.