Bitcoin targets 10k! Bitcoin targets 10k with the halvening fast approaching. The Cryptocurrency’s price is up 8% in 2020.
$10,000 is a big upside target and an important emotional barrier. Fueled by Bitcoin’s once-every-four-years rewards halving approaching within 2 weeks, analysts are forecasting an attempt at the $10,000 level.
Delphi Digital wrote Monday in a note – “A break above $10,000 would be significant from both a psychological and a technical standpoint.”
The price target represents a 29% increase from current levels, but $10,000 was seen as recently as February before the Coronavirus-fueled sell-off. According to Delphi Digital, any price rise could gather steam if Bitcoin crosses above its 100 DMA and 200 DMA, around $8,000.
The halving should happen on May 12th – in the meantime, investors continue to debate whether or not a rally will occur. Detractors say that the price is already baked into the market – the push to $10k is merely an overhyped narrative being pushed by desparate bulls. But others are saying that the price of Bitcoin could increase 37-fold to $288,000 by 2024 citing an increasingly cited metric known as the “stock-to-flow model.”
Bitcoin is seen as a hedge against inflation – the Federal Reserve’s aggressive moves against the economic impact of the COVID19 is seen as an incredibly inflationary event. This week, the Fed’s monetary policy committee will hold its regularly scheduled two-day meeting – the first since the pandemic sent global markets and economies into a downward spiral. Fed Chairman Jerome Powell is expected to update investors on the outcome of the closed-door meetings.
In other inflationary news, the Congressional Budget Office projected that the US Federal Budget Deficit will reach a mind-boggling $3.7 trillion milestone in FY 2020.
What do you think? Are you bullish on Bitcoin with the Halvening? Is the price baked in? Let us know on our Facebook page!
