Bitcoin Price May Hit $5.5K in 2020 to ‘Wear Out Bulls’ — Peter Brandt
William Suberg's original article for cointelegraph.com reduced by 78%
Bitcoin could spend months trading at $5,500 before it recovers, one of the best-known analysts in the industry has warned. In a tweet on Nov. 21, Peter Brandt revealed his target for Bitcoin price was a floor of $5,500.
"I am thinking about a low in July 2020. That will wear out bulls quicker than a price correction." Price halvings before block reward halvingsShould such a status quo endure, it would run in stark contrast to the current prevailing mood among Bitcoin observers. As Cointelegraph reported, the popular Stock-to-Flow model for Bitcoin price predicts an average of $8,300 for BTC/USD until next May.At that point, the block reward halving event should trigger a bull market.
Vays nonetheless admitted that Bitcoin could drop even lower than Brandt anticipates - to around $4,500, which statistician Willy Woo said is entirely possible. Since the start of the week, Bitcoin has dipped more than 15%. According to Woo, that style of behavior will characterize markets going forward.
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CN [too long; didn’t read]
Summarised crypto news.