Strong start of the week for Bitcoin

13 Jan 2020

Bitcoin Bitcoin, the world’s largest cryptocurrency by market capitalisation, is trading above the key $7,800 and $7,700 support levels.

At the time of writing, the digital asset, is around $8,200 against the U.S. dollar, with it breaking out of its two-month range and pushing to $8,400 during last week.

“The price is moving in a crucial range, as a breakout above $8,400 would lead to a breakout of the 7-months downtrend,” reports CoinTelegraph.

Many commentators and experts are becoming increasingly bullish on Bitcoin.  For instance, Tom Lee of Fundstrat believes that the price of cryptocurrency could jump “more than 100%” in 2020. 

Given that Bitcoin was sitting higher than the $7,000 level in January 2019, the leading cryptocurrency would need to end this year over and above $14,000 in order for Fundstrat’s forecast to come true.

Meanwhile, Blockstream CEO Adam Back recently argued that the $100,000 wasn't “so far for Bitcoin” considering that the price has already surged past the $10,000 on multiple occasions.

He tweeted: “And $100k Bitcoin doesn't seem so far given we already crossed $10k threshold a few times when few expected even $1k some years back and $10k seemed crazy.”

Last week, as U.S-Iran disputes roiled markets, deVere CEO and founder Nigel Green noted: “Bitcoin was one of the best-performing assets of 2019 and we can expect to see its investment appeal further strengthen as it becomes known as a safe-haven asset during periods of heightened geopolitical tensions.”