A crypto trader says that bitcoin will reach $50,000 by the mid of the upcoming year 2020.
Rampage who is a Cross Trend Trader and analyst says that bitcoin is gearing up for an all-time high bull run and the coin could reach $50k by July of 2020. He shared his view on his twitter account.
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$BTC macro view.
Bitcoin looks to be gearing up for a possible multi-quarter bull run to 50k by July 2020. pic.twitter.com/4pZkVKFUWc
— Rampage (@Thrillmex) November 8, 2019
According to his twitter post, the previous downward flow of the coin can be its last move in the downward direction and now its upward movement may start.
Lack of strength in BTC bears
Bitcoin bears have been holding bitcoin in the downtrend. And these BTC bears have kept the price of the coin under the mark of $9k.
But the crypto trader says that these BTC bears have lost their strength as they are not getting any kind of continuation. This means that these BTC bears are now shifting toward bitcoin bulls. And the price of the coin may break the $10k level.
Upcoming BTC halving event is the main reason
Bitcoin halving event is near and it will occur in May 2020. The crypto traders and analysts think that this is the main reason for the BTC bull-run.
There are several crypto investors who might not be aware of the upcoming BTC halving event. Therefore, there is still a chance for the growth of the coin.
According to the Grayscale investments:
In fact, based on anecdotal conversations with market participants, we were surprised to learn that many of them were not even aware of this event. Moreover, according to Unchained Capital, less than 32% of the Bitcoins in circulation have remained in the same wallet address since July 2016
Previously, BTC halving events have been affecting the price of bitcoin as the halving events of 2012 and 2016 influenced the BTC price.
So keeping in view the upcoming BTC halving event, the crypto trader and analysts are hoping that the price of the coin could reach its all-time high of $50K by the mid of 2020.
The writer does not hold any cryptocurrency at the time of writing this article. This article is based on someone else point of view and we do not take any responsibility for bitcoin or any other cryptocurrency price moves.