Industry Executive Doubles Down: Bitcoin Will Hit $50,000 in 2020

Industry Executive Doubles Down: Bitcoin Will Hit $50,000 in 2020
фото показано с : bitcoinist.com

2020-7-2 04:00

After a strong rally from the March lows, Bitcoin has stopped trending higher. For the past two months, the cryptocurrency has been caught in a 15% range that it has barely deviated from. The consolidation has been met with assertions by analysts that BTC has lost its momentum. One trader asserted on June 30th that the key Ichimoku Cloud indicator showed “weakening bullish momentum.” Yet many investors in the industry remain optimistic. One industry executive went as far as to say that he thinks Bitcoin is on track to hit $50,000 in 2020. Bitcoin Could Rally to $50,000 in 2020: Nexo CEO In May, Nexo co-founder Antoni Trenchev said that Bitcoin was on track to hit $50,000 in 2020. He made his prediction while BTC was surging, testing $10,000 as it attempted to set new year-to-date highs. Despite the recent consolidation, he remains bullish. In a recent interview with Bloomberg’s Joana Ossinger at BlockDown, a digital crypto conference, Trenchev conveyed why he remains bullish. Core to his bull case is BTC’s strict supply of 21 million coins: “You can’t have the President of the United States tweeting out that the money supply, the total number of Bitcoin should be expanded from 21 million. You just can have that. Bitcoin is this perfect structure, which has all the right principles. And those once formulated, stipulated, put into code, they remain unchanged of any human intervention.” Trenchev argued that this simple supply cap is what draws so many retail and institutional investors to the industry. He added that with “almost $8 trillion” printed by central authorities over recent months due to the pandemic, Bitcoin and gold should do really well. “So yes, I’m sticking to my prediction of 50K until the end of the year. I appreciate that it is a bold statement, but the fundamentals are there and the momentum is shifting there as well,” Trenchev concluded to the Bloomberg journalist. Others Are Bullish, But Not That Bullish There are many others expecting Bitcoin to rally even higher in 2020, but most don’t think $50,000 is possible. They don’t think that’s possible in such a short time frame, anyway. Bloomberg came out with an extensive report on the crypto market at the start of June. In it, senior commodities analyst Mike McGlone suggested that Bitcoin could hit $20,000 this year and maybe $28,000 if the right trends align. McGlone attributed this prediction to the fact that Bitcoin looks structurally similar to BTC at the last halving. The cryptocurrency trending as it did after the last halving will result in a year-end price of around $20,000. The analyst also noted that with a growing correlation with gold, growing adoption of Bitcoin by institutions, and a spike in on-chain usage, BTC is likely to appreciate. Something, in fact, would “need to go wrong” for the asset not to do so, McGlone concluded. Featured Image from Shutterstock Price tags: xbtusd, btcusd, btcusdt Industry CEO Doubles Down: Bitcoin Will Hit $50,000 in 2020

Similar to Notcoin - Blum - Airdrops In 2024

origin »

Bitcoin (BTC) на Currencies.ru

$ 67600.36 (+0.02%)
Объем 24H $26.996b
Изменеия 24h: -1.30 %, 7d: -1.59 %
Cегодня L: $67187.68 - H: $67667.23
Капитализация $1332.148b Rank 1
Цена в час новости $ 9224.8 (632.81%)

bitcoin barely range cryptocurrency caught consolidation btc

bitcoin barely → Результатов: 107


The $1,000 Bitcoin Puzzle Hidden in Paris Street Painting Celebrating BTC’s 10 Years Finds Resolution

The $1,000 bitcoin puzzle that had been well hidden in a Paris street painting has been solved barely a week after it was announced, but the exact way it was solved hasn’t been revealed yet. According to Bitcoinist, a crypto news outlet, Pascal Boyart, a street artist, had painted a ‘revolutionary’ street mural to celebrate […]

2019-1-15 00:16


Major Crypto Exchange Huobi To Cut Staff, Will Other Startups Follow Suit?

For much of 2018, crypto startups seemed invincible. As Bitcoin (BTC) collapsed, falling to new multi-month lows each and every month, this industry’s participants barely flinched. Yet, as 2018 has come to a head, a number of industry heavyweights have ostensibly fallen victim to financial shortcomings, dropping the guise of fortitude in a hot second, so to.

2018-12-28 14:00


Фото:

NEO Founder Da Hongfei Talks About Blockchains, Says They Can Barely Survive in Current Financial Regulation System

Two years post its mainnet’s arrival on the crypto and blockchain market, Neo is going strong. It is now the 15th largest crypto coin in the world with over $1 billion in market capitalization. The founder of Neo, Da Hongfei recently sat with 8btc for an in-depth interview about blockchain, stablecoins and the state of the […] NEO Founder Da Hongfei Talks About Blockchains, Says They Can Barely Survive in Current Financial Regulation System was originally found on [blokt] - Blockchain, Bitcoin & Cryptocurrency News.

2018-11-6 15:29


Фото:

Bitcoin Remains Firmly at its $6,500 “Stablecoin” Mark: BTCManager’s Week in Review

The price of bitcoin barely moved in the past seven days – ranging from $6,450 to $6,550, to close the week effectively unchanged around the $6,500 mark. This week’s headlines have been driven by more adoption-positive news such as Visa saying that it will consider adopting cryptocurrencies if that will be the way the market evolves, Bakkt confirming the launch.

2018-10-30 20:00


Фото:

UnoCoin Founder Arrested For Operating India’s First Bitcoin ATM

Police in Bengaluru, India recently arrested UnoCoin cofounder Harish BV for “illegally” operating a Bitcoin ATM in the city barely a week after it was installed.   ‘Not Taken Any Permission from the State Gov’t’ According to The News Minutes, Bengaluru’s Cyber Crime Police unit brought forward a case against Unocoin for illegally installing a BTC ATM without any permission.

2018-10-25 22:00