The crypto market has been somewhat uncertain of late, with the likes of Bitcoin swinging within a range without much price action. As the year approaches its end, a lot of market players have expected Bitcoin to make a big move. However, that doesn’t seem to have a lot of market traction at the moment, although people are still buoyant.
One market player who believes in Bitcoin’s future is Mike McGlone. Mike is a senior community strategist at Bloomberg Intelligence, something that should give his opinion more potency. In a recent twitter post, Mike opined that Bitcoin stands to rise to $10k in 2020 rather than face a downward spiral to the lows of $5k.
BItcoin In 2020
For one, Bitcoin is expected to undergo a block reward halving sometime in May 2020, and such events are known to affect the crypto’s price upwards. In that case, Bitcoin is expected to rise in value after during and after the halving due to a rise in demand as supply reduces.
In fact, there have been lots of buzz within the crypto community of an imminent bull run driven by Bitcoin. At the moment, the crypto is trading at around $7,190.
According to Mike McGlone, the Bitcoin market is ripe for maturation within the next decade starting 2020. He added that the crypto is currently in a period to correct the 2017 bullish rally.
This opinion may make sense especially given that the crypto market, led by Bitcoin, has undergone market correction a few times, the most recent one being in 2018 when the market experienced a humongous crypto winter. However, things seem to have started looking up for BItcoin after the end of the crypto winter back in April 2019.