Bloomberg published its Bitcoin forecast for 2020, in which it claims that BTC for $10K is just a matter of time.
In the forecast it is also stated that Bitcoin will drop to $ 6,500 before rising:
– Increasing adoption of Bitcoin, the digital quasi-currency with limited supply, tilts our price outlook on the first-born crypto favorably for 2020 and the next decade. This year was part of its transition towards the crypto-market version of gold. The maturation process should continue, notably as volatility declines. Like gold, Bitcoin is retracing a bear market, while most of its brethren (alt-coins) have increasing betas on the downside. For Bitcoin, we see $ 6,500 as good support and $ 10,000 as initial resistance in 2020.
This forecast is largely consistent with irresponsible trolling in the crypto environment. Numerous arm-chair analysts and speculators are trying to mislead the community by purchasing at the current low price, while the bulk of the community expects to fall to $ 6,500.
Bloomberg’s statements about bitcoin and cryptocurrencies often repeat the posts of numerous “crypto-maximalists” and scammers who have no serious expertise in either fiat or crypto finance. The traditionally weak cryptocurrency analytics of the leading world agency indirectly suggests that global finance is not still recognize crypto seriously.