Bitcoin (BTC) is not the only cryptocurrency or market for that matter to experience a drop over the last week. However, it is still looking at performing strong in 2020.
Leading analysts have assured us that there is nothing to fear, expecting the worlds top cryptocurrency to hit between $15,000 and $20,000 USD by the end of 2020.
Bitcoin to hit $20,000 in 2020
Joel Kruger, a currency analyst at LMAX, spoke to BlockTV in a recent interview, emphasising that while the ongoing price action in the short term is particularly “interesting”, the current drop in price that we have seen will not
“Compromise the outlook for the possibility that this market could be trading at $15,000 to $20,000 by the end of the year.”
From Bitcoin’s top price from the beginning of the year, the cryptocurrency has dropped 12 percent, and over 25 percent since its top of $10,500 in February 2020. A rally in price to $15,000 would mark nearly a 100% rally from where it is now at its current level.
Kruger further went on to explain that as long as the price holds, or if it is capable of at least holding around the $6,000 mark, this will only further prove the strength of BTC.
Kruger is not alone in his $20,000 analysis. Pseudonymous trader, Dave the Wave, has also stated that he too believes that BTC is on track to enter a long term bull market, projecting that BTC will pass $20,000 either late this year or in Q1 of 2021.
Cash In On BTC
Mining BTC is a long-term system, which provides you with a safe and stable investment option without having to ride the highs and lows of the cryptocurrency from day to day, unlike BTC trading.
Mining gives you the added benefit of being able to mine your coins and then HODL your mined coins. This means if the price is low or high, it does not affect your mining ability.
If the price of BTC is low, you are able to HODL your mined coins, and then when the price of BTC goes up, you can sell your mined coins then.
Mining yourself from home however, is costly, due to electricity costs of having to run your mining machine 24/7.
Choosing an established mining company is a much safer and more lucrative avenue to go down, and you need zilch technical know how.