A Majority of Investors Think Bitcoin Ends the Year Above $10000

9/12/2020

Bitcoin is currently trading at $10,400 but analysts think the cryptocurrency is poised to slip lower.
A majority of investors think that Bitcoin will end 2020 above $20,000.

Bitcoin Will End 2020 Above $10,000, Investors Suggest in Poll

According to a recent poll conducted by Bitcoin and crypto analyst Chris Burniske, a majority of cryptocurrency investors think BTC will end 2020 above $10,000.

According to the poll, a mere 11.6% of the 1,400 respondents think that Bitcoin will end 2020 under $10,000. The rest think that the asset could end up anywhere from $10,000 to $17,500 and beyond.

Where is $BTC by the end of 2020?

— Chris Burniske (@cburniske) September 12, 2020

Many Think This Will Be The Case

Top analysts think that this will be the case.

According to Vinny Lingham, the chief executive of crypto startup Civic and a managing partner at Multicoin Capital, Bitcoin could hit $15,000 in the near future:

“It looks to me that #Bitcoin is poised for another leg up, with an overshoot above $15k, but then a retrace and heavy consolidation around $14k for a few weeks at least. I doubt this sub-$12k price holds for much longer and $10k represents strong support right now.”

He added in a separate comment that once BTC turns $12,000 into support, the coin will be bullish on a macro scale:

“I’m not a permabear or a permabull – I called the bubble and I called the bear market. The bear market is almost over, if/when we break and hold $12k. So yes, I’m turning bullish.”

Mike McGlone, a senior commodity analyst at Bloomberg, has been even more optimistic. He said that BTC is on track to hit $20,000 by the end of the year, citing the block reward halving and other factors:

“Bitcoin is mirroring the 2016 return to its previous peak. That was the last time supply was halved, and the third year after a significant peak… Fast forward four years and the second year after the almost 75% decline in 2018, Bitcoin will approach the record high of about $20,000 this year, in our view, if it follows 2016’s trend.”

A crash in the legacy market, though, could end up reversing Bitcoin’s bull trend.

Photo by Jan Huber on Unsplash
Price tags: xbtusd, btcusd, btcusdt
Charts from TradingView.com
A Majority of Investors Think Bitcoin Ends the Year Above $10,000

Originally from Bitcoinist.com https://ift.tt/35vs8o5

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