The cryptocurrency started off the week with a bang, collapsing from ~$9,700, the weekly open price, to a low of $8,100, in a dramatic sell-off that liquidated over $200 million worth of long positions on BitMEX and hundreds of millions of more on other exchanges.
Despite the drop, which came a day before the much-awaited block reward halving, the cryptocurrency has since recovered, rallying as high as $10,000 on Thursday, though Bitcoin has since returned to ~$9,400.
Bitcoin chart from TradingView.com
Crypto’s performance this week comes as the stock market has continued to stagnate in the 2,800-2,900 point range. The S&P 500 and Dow Jones have been stalling as the economic outlook remains dismal, with a total of 35 million Americans filing for unemployment over the past two months.
Whatever the case, analysts are still bullish on Bitcoin.
The chief executive of crypto startup Nexo, Antoni Trenchev, for instance, told Bloomberg he expects the price of BTC to breach $50,000 in 2020.
Explaining his $50,000 by the end of the year price prediction, Trenchev explained that with a perfect confluence of Bitcoin’s block reward halving while central banks increase the supply of money around the world, BTC’s value proposition is getting a huge boost.
Trenchev added that the fundamentals of the Bitcoin network are stronger than ever.
Related Reading: Crypto Tidbits: Bitcoin Roars Past $10k, Halving Days Away, Ethereum 2.0 Nears
Bitcoin & Crypto Tidbits
Elon Musk Bumps Bitcoin: Elon Musk has once again talked about Bitcoin. The Tesla CEO remarked on a tweet published Friday that he thinks the “massive currency issuance” by governments and central banks is making Bitcoin “look solid in comparison.” Despite this support, he asserted that he still only owns 0.25 Bitcoin that he got as a gift from a friend, worth approximately $2,250 as of the time of this article’s writing. This is the latest time the billionaire entrepreneur has said good things about crypto assets in recent years. Previously, he told ARK Invest that he thinks Bitcoin’s structure is “quite brilliant,” touching on the asset’s ability to bypass currency controls and the like.
Pretty much, although massive currency issuance by govt central banks is making Bitcoin Internet