{"id":158562,"date":"2019-10-28T09:00:34","date_gmt":"2019-10-28T13:00:34","guid":{"rendered":"https:\/\/www.countingpips.com\/?p=158562"},"modified":"2019-10-28T07:50:31","modified_gmt":"2019-10-28T11:50:31","slug":"will-bitcoin-hit-12000-by-the-end-of-the-year","status":"publish","type":"post","link":"https:\/\/www.investmacro.com\/forex\/2019\/10\/will-bitcoin-hit-12000-by-the-end-of-the-year\/","title":{"rendered":"Will Bitcoin hit $12,000 by the end of the year?"},"content":{"rendered":"
October 28, 2019<\/div>
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By George Prior<\/strong><\/p>\n

Bitcoin will experience a breakout and hit $12,000 before the end of the year if it remains above the $8,500 support this week, predicts the CEO of a $12bn financial giant.<\/p>\n

The prediction from Nigel Green, the chief executive of deVere Group, one of the world\u2019s largest independent financial advisory organisations, comes after the world\u2019s largest cryptocurrency experienced a 20 per cent price surge over the weekend.<\/p>\n

Mr Green comments: \u201cBitcoin has registered some impressive gains over the last 48 hours after being in a lull period in recent weeks.<\/p>\n

\u201cAs of now, it has defied the so-called Death Cross \u2013 a bearish pattern that takes place when the 50-day moving average falls below the 200-day moving average.<\/p>\n

\u201cThe $8,500 support has previously acted as a crucial support for Bitcoin. I believe that if Bitcoin bulls can keep the price above this over the next week, the world\u2019s dominant cryptocurrency will experience a breakout and will hit $12,000 before the end of the year.\u201d<\/p>

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He continues: \u201cThis latest surge in Bitcoin was triggered by China\u2019s President Xi calling the adoption of blockchain \u2013 the technology on which cryptocurrencies run – an important breakthrough for independent innovation of core technologies.<\/p>\n

\u201cThis is a clear signal that the leader of the world\u2019s second-largest economy is moving towards embracing the technology \u2013 in which Bitcoin plays a vital part \u2013 and therefore taken as a positive boost for the whole digital currencies sector.<\/p>\n

\u201cPerhaps quite sensibly, investors could not ignore the comments and sentiment expressed by President Xi and reacted by increasing exposure to Bitcoin.<\/p>\n

\u201cIt also comes as China is said to be developing its own national digital currency, which is further proof that in some form or another, digital currency is the future.\u201d<\/p>\n

He adds: \u201cAs history teaches us, it\u2019s likely that momentum, perhaps partly driven by FOMO (the Fear Of Missing Out), will now pick-up pace again in the cryptocurrency sector.\u00a0 Should this be maintained this week, I\u2019m confident it will take Bitcoin to $12,000 before the start of 2020.<\/p>\n

\u201cThe crypto momentum will also be driven by underlying fundamentals that will come back into focus.<\/p>\n

\u201cThese include geopolitical issues – such as the U.S.-China trade war and the chaos of Brexit – and the global economic slowdown. These are encouraging exposure to decentralised, non-sovereign, secure digital currencies.<\/p>\n

\u201cAlso, the technical network improvements that have further enhanced the performance of cryptocurrencies, as well as the forthcoming 2020 Bitcoin halving will also fuel price gains.\u201d<\/p>\n

The code for mining Bitcoin halves around every four years and the next one is set for May 2020. When the code halves, miners receive 50 per cent fewer coins every few minutes.\u00a0 History shows that there is typically a considerable Bitcoin surge resulting from halving events.<\/p>\n

\u201cBut perhaps the most important one is that public awareness is consistently growing. Cryptocurrencies, and in particular Bitcoin, are increasingly part of mainstream finance.<\/p>\n

\u201cThis is evidenced not only in the financial sector, in which all major banks are increasingly looking at blockchain and crypto, but by the growing interest of governments and institutions, plus the major players within the tech and retail sectors too.\u201d<\/p>\n

Nigel Green concludes: \u201c$8,500 is a key support for Bitcoin.\u00a0 Should the Bitcoin price stay above this level, positive sentiment will be amplified, and we would see near year-highs.\u201d<\/p>\n

About:<\/strong><\/p>\n

deVere Group is one of the world\u2019s largest independent advisors of specialist global financial solutions to international, local mass affluent, and high-net-worth clients.\u00a0 It has a network of more than 70 offices across the world, over 80,000 clients and $12bn under advisement<\/p>\n","protected":false},"excerpt":{"rendered":"

By George Prior Bitcoin will experience a breakout and hit $12,000 before the end of the year if it remains above the $8,500 support this week, predicts the CEO of a $12bn financial giant. The prediction from Nigel Green, the chief executive of deVere Group, one of the world\u2019s largest independent financial advisory organisations, comes […]<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[],"tags":[],"class_list":["post-158562","post","type-post","status-publish","format-standard","hentry","no-post-thumbnail"],"_links":{"self":[{"href":"https:\/\/www.investmacro.com\/forex\/wp-json\/wp\/v2\/posts\/158562","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.investmacro.com\/forex\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.investmacro.com\/forex\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.investmacro.com\/forex\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/www.investmacro.com\/forex\/wp-json\/wp\/v2\/comments?post=158562"}],"version-history":[{"count":1,"href":"https:\/\/www.investmacro.com\/forex\/wp-json\/wp\/v2\/posts\/158562\/revisions"}],"predecessor-version":[{"id":158563,"href":"https:\/\/www.investmacro.com\/forex\/wp-json\/wp\/v2\/posts\/158562\/revisions\/158563"}],"wp:attachment":[{"href":"https:\/\/www.investmacro.com\/forex\/wp-json\/wp\/v2\/media?parent=158562"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.investmacro.com\/forex\/wp-json\/wp\/v2\/categories?post=158562"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.investmacro.com\/forex\/wp-json\/wp\/v2\/tags?post=158562"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}