Bitcoin at USD 10,000 very soon according to a Bloomberg analyst

Bloomberg has made a new report that analyzes the cryptocurrency market and indicates that Bitcoin will soon return to USD 10,000.

 Bitcoin at USD 10,000 very soon according to a Bloomberg analyst

Bloomberg expert analysis

Mike McGlore has made a report in which he suggests that Bitcoin should benefit from the good performance that gold is having in recent weeks. According to his opinion, gold and Bitcoin are closely related.

Analyst McGlore points to an impending bull market for gold and believes that Bitcoin could begin its uptrend in early 2020 when it breaks the main resistance of the USD 10,000. The analyst believes that one of the main reasons is the impending recession that will have a great negative impact on the stock market in the coming years and this will benefit "refuge assets" such as gold and Bitcoin.

Regarding Bitcoin McGlore is optimistic and said: "Bitcoin is winning the adoption race among cryptocurrencies and is becoming increasingly scarce, which favors price increases. Much can go wrong with such a recent asset, but unless the basic assumptions - massive adoption and supply - are reversed, there is a greater possibility of sustaining a price increase.”

In addition, to finish the analysis, he added: "Like gold, Bitcoin is rebuilding a bear market, while most of its brothers (alt-coins) have increasing betas on the negative side. For Bitcoin, we see $ 6,500 as good support and $ 10,000 as initial resistance in 2020. Breaking strength should be a matter of time, especially if gold continues to advance as expected.Most of our indicators suggest that maintenance below US $ 6,500 is unlikely"