After all this talk of a potential pullback, after all the chatter and discussions involving death crosses and failed attempts at pushing past present resistance, bitcoin has, once again, impressed us all and added another $500 to its price overnight, thereby bringing its present figure past the $9,600 mark.
Bitcoin Fires Past Previous Resistance
Yesterday, it was reported that stocks and altcoins were moving ahead, while bitcoin was undergoing a period of light struggle. The currency had fallen by a few hundred dollars over the past 48 hours, dropping from about $9,400 to just over $9,100. The stock market, on the other hand, had finally recuperated following dissipating fears involving China’s present coronavirus epidemic and experienced a surge of roughly 450 points.
In addition, altcoins and smaller cryptocurrencies were also experiencing slight bursts along the way, with Tezos (XTZ) having gained about 400 percent between early 2019 and the start of 2020. Stocks and altcoins were on their way to glory, while bitcoin was licking a few wounds.
Bitcoin has, however, proved all its doubters wrong once again. With this newfound surge of more than $500 at the time of writing, the currency has ultimately shot past its previous level of resistance ($9,500) and moved into a much stronger position to take $10,000. This, for certain, is the new goal, and it’s probably only a matter of time before it’s reached.
According to Bloomberg financial analyst Mike McGlone, the currency is likely to continue to spread its wings throughout 2020, only at a slower pace than we’re used to. January of this year brought on fast and speedy gains following geopolitical tension and the introduction of bitcoin futures options trading via CME Group. This resulted in quick jumps for the world’s number one cryptocurrency by market cap – perhaps a little too quick.
Jumps Could Be Slower Throughout the Year
McGlone is confident that 2020 will be a very bullish year for the currency, though he thinks further spikes will occur more sporadically and with greater lengths of time between each other. He states:
The 2020 outlook for bitcoin remains favorable… This year’s enthusiasm in some altcoins is reflective of a bullish environment but should subside as bitcoin further distinguishes itself from most of the highly speculative and oversupplied minions… Similar with gold, positive fundamentals should extend bitcoin’s price appreciation as we see it. Indications for the firstborn crypto remain favorable.
McGlone also hints that this year will bring strong adoption levels for bitcoin, which sits well with a previous report that Live Bitcoin News discussed. It appears merchants are beginning to accept crypto as a method of payment far more often. The only problem is that people haven’t woken up to the benefits of paying with bitcoin just yet, which is likely to slow down the process a bit.