While Bitcoin saw a 10% jump this week, rallying from the multi-month lows of $6,400 to surge as high as $7,300, there is still a sentiment in the cryptocurrency market that a return to the $6,000s, then a drop to the $5,000s is entirely feasible.<\/p>\n
For instance, cryptocurrency trader Mac remarked that $5,100 \u2014 30% lower than current prices \u2014 will be the ultimate bottom of the bearish move<\/a> that has formed. He looked to a \u00a0confluence of price levels: the double-month volume-weighted average price, a \u201cprice inefficiency fill\u201d level, and the 200-week moving average.<\/p>\n This was followed by Bitcoin analyst Jacob Canfield,<\/a> who as reported by NewsBTC previously<\/a>, said that he thinks BTC is not yet near a macro bottom. He thus remarked that the cryptocurrency is likely to see a 20% drawdown from the current level of $6,900 to $5,500<\/a>, for there is where the 0.786 Fibonacci Retracement of the rally from $3,100 to $14,000 lies.<\/p>\n Despite these analyses, a Bloomberg Intelligence strategist has asserted that Bitcoin has a higher likelihood of surging to $10,000 than retracing all the way to the $5,000s. Here’s why.<\/p>\n Mike McGlone, the senior commodities strategist for Bloomberg Intelligence<\/a>, recently made<\/a> the assertion that Bitcoin has a higher likelihood of surging 40% to $10,000 than falling by 30% to $5,000 in 2020, arguing that BTC is entering a consolidating bull market phase, marked by a tightening in moving averages.<\/p>\n Bitcoin in 2020: $10,000 Appears to Be More Likely Than $5,000 —#Bitcoin<\/a> should continue to advance in a consolidating bull market, in our view, with maturation of the first-born crypto in the next decade the primary distinction vs. the current one. pic.twitter.com\/JxEAhArwTf<\/a><\/p>\n — Mike McGlone (@mikemcglone11) December 19, 2019<\/a><\/p><\/blockquote>\nBitcoin Could Gain 40% in Early 2020 for These Reasons<\/strong><\/h2>\n
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