Bitcoin did not have a very good second half of 2019. The value of the world’s most popular and valuable cryptocurrency plummeted by more than 50 percent in a very short period of time. It did rebound for a brief period of time. However, it has fallen down to the level of being worth a little more than $7,000. There are many investors who are wondering if bitcoin will ever again see a massive gain that will put its value in the range of five figures. There is at least one analyst who believes this will happen in the near future. His name is Philip Swift.
The data that Mr. Swift has been using for his research tells him that a bull market for bitcoin is right around the corner. He feels very strongly that bitcoin will be worth as much as $13K in 2020. Exactly when in 2020 that this increase will occur is not clear at the present time. The reason this news is being taken seriously and covered by the media is the fact that Philip Swift is a very respected analyst. He has been working on analyzing bitcoin trends for many years. Therefore, traders tend to listen to what he has to say.
According to Tokenhell.com, the general consensus among bitcoin investors is that there will most likely not be any dramatic rises in its value between now and the end of the year. It remains to be seen if that will be the case. However, it is a likely theory because bitcoin value has not seen much movement at all over the past few weeks. Therefore, there is no reason to believe that it will start to show some massive gains out of nowhere. The people who truly believe in bitcoin are not worried. They have not dumped their bitcoin during the downturn in the market.
Twitter CEO Jack Dorsey remains as big a fan of cryptocurrency as he ever was. In fact, he is currently on a tour of Africa because he believes it will be a future focal point for bitcoin trading. The fact that powerful and influential people like Jack Dorsey have not thrown in the towel where crypto is concerned is definitely encouraging. No analyst knows with any certainty if bitcoin will have a massive gain and reach the $13K mark once again. However, there are investors all over the world who are anxiously waiting for the bull market to begin.
