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Analyst Says Bitcoin Could End The Year Above $20,000

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Woman holding bitcoin

As Bitcoin (BTC) continues to be in a bull trend, experts believe that it may be possible for it to reach $20,000 by the end of this year. During the last months, Bitcoin has been moving higher almost on a weekly basis. This allowed the entire market to become certainly bullish about the future of this virtual currency. 

Analyst Believes Bitcoin Could Surpass $20,000 in 2020

Almost 24 hours ago, Bitcoin was reaching $18,400 for the first time since January 2018. However, it rapidly fell to $17,200 in minutes. According to Greg Waisman, the co-founder and COO of Mercuryo.io, it was reasonable to expect a correction at these levels. In addition to it, he considers that it may be possible for Bitcoin to experience a longer-lasting correction in the future. 

During a conversation with UseTheBitcoin, Mr. Waisman talked about the crypto market and Bitcoin. He said that it may be necessary for Bitcoin’s price to experience a correction after the growth experienced since September this year. This correction could take Bitcoin to $17,600 and $16,000 in the near future. 

As traders are able to sell their coins during this sell-off, it would be good for Bitcoin to continue with its price action. This would allow the bull trend to continue and avoid a larger correction in the future. 

Nevertheless, once the correction is over we could see Bitcoin moving towards new all-time highs. Mr. Waisman explained that the corrective move could take two weeks and after it, Bitcoin could try to move above $20,000. It will definitely be important to surpass $18,200, which is currently working as a resistance level. 

On the matter, Waisman stated:

“The corrective move could take as long as two weeks after which the next uptrend wave could follow aiming for the $20,000 level. However, the strengthened $18,200 resistance level could prove a greater obstacle the second time around and may require more buying effort and time from the traders to drive the BTC/USD pair beyond it.”

Finally, he mentioned that it is reasonable to expect Bitcoin to be traded between $16,800 and $20,000 by the end of this year. According to CoinMarketCap, Bitcoin is now being traded around $17,850 and it has a market cap of $331 billion. In the last 23 hours, Bitcoin fell by just 2.05%. 

Bitcoin Price 19.11

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