Will Bitcoin’s price hit historic highs in 2020?
We recently wrote about how the global pandemic affected the valuation of cryptocurrency projects. Today we will take a closer look at the current exchange rate of the first Bitcoin cryptocurrency. Despite the long-awaited and announced bitcoin halving – after its occurrence on May 11 – the rate did not actually move. Why? It’s hard to say much. Is it possible that uncertainty about the coronavirus still exists among investors?
In recent days, however, bitcoin has revived a bit. Looking at the chart, we can see that the price resistance of $ 10,000 apiece was tested. The breakthrough of this level happened today.
Does breaking the price of $ 10,000 mean Bitcoin will hit its all-time high this year?
As always, this question cannot be answered unequivocally. However, there are many indications that this may happen. We have already presented both of the facts that show this. The third one seems to be simply a slight upward trend in this stock. Adding to the likelihood of a significant increase in inflation this year, it seems that the price of bitcoin will also go up.
Unfortunately, a few hours after this post was written, it turned out that someone started selling larger quantities again and the price went back to $ 9,500 for 1 Bitcoin (BTC). This means that further increases will be postponed somewhat in time.