Analysts suggest that Bitcoin (BTC) can reach the price of $250K against the USD in 2020, while its dominance continues to rise.

Bitcoin has currently reached $7,200 for the second time on December 19th. Following bearish moves over the past few days, which have made way for a return to higher price levels and increased dominance.

Cryptocurrency market daily overview. Source: Coin360

BTC shows signs of a bullish comeback for 2020

Data from Coin360 showed Bitcoin holding ground against the USD. Recovering above the $7,000 mark late on Wednesday and reaching highs of $7,345. Making the 24-hour gains on BTC almost 8%.

Bitcoin 1-day price chart. Source: Coin360

This week sentiment in the crypto market has been overly volatile. With Bitcoin’s progress providing a welcome optimism to return to analysts and traders.

Michaël van de Poppe, a well known cryptocurrency analyst, has updated his Twitter followers on the potential to see further short-term gains on Bitcoin.

Michaël summarized: “Earlier today everyone is feared to buy in, given red candles and $3K charts + overall bearish sentiment. Now everyone is rushing to buy back in, as the price is up $750 since the low,”.

Positive outlook for 2020

When looking at the charts from a zoomed out perspective, bulls on Bitcoin continue to show no end to their enthusiasm for Bitcoin in the coming year of 2020 and beyond.

Entrepreneur Tim Draper recently had an interview with crypto media network BlockTV. There he stated to BlockTV that he was doubling down on his prediction that Bitcoin’s price can surpass $250,000 by 2020.

Overmore, the Tezos (XTZ) sponsor and serial investor stated the stratospheric price levels could appear as soon as the end of 2020. Which is only six months after Bitcoin’s next block reward halving in May 2020.

Draper continued: “If you run a technical analysis, it looks like it’ll be something like six months after the halving that we will cross $250,000 per Bitcoin,”.

He noted that according to such technical analysis Bitcoin is “where it should be” at its current price levels. A popular Stock-to-Flow model puts BTC at an average $8,200 against the USD before the halving.

Bitcoin dominance rises over 2% in recent days

The entire cryptocurrency market as a whole has reacted positively to Bitcoin’s gains. With all the top twenty coins by market cap in the green on Thursday.

Ethereum’s Ether (ETH), even saw a small daily rise of 2.1%. Despite the various factors giving warnings of immense selling pressure.

Ether 7-day price chart. Source: Coin360

Others “altcoins” behaved in a similar manner as well. Cosmos (ATOM) lead in term of gains, with a rise of 9.1%.

The total market cap of cryptocurrencies was $190 billion, with Bitcoin’s dominance at 68.3%. That’s 0.6% above the previous day. Bitcoin dominance has increased overall in the past few days by more than 2%.



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