Some hours ago, Bitcoin, the first and largest cryptocurrency by market capitalization was priced below $7,000 after embarking on a usual price retracement. However, BTC has since regained strength and is back above the $7,000 price level.
This slight uptrend could have prompted an experienced Bitcoin software developer and founder of Bitcoin Advisory, Pierre Rochard, to sentimentally share that BTC will end 2020 at a price between $10k and $100k.
Pierre Rochard Says Bitcoin to $10k and Above before 2020 Ends
Pierre Rochard, an experienced Bitcoin software developer who doubles as the founder of Bitcoin Advisory has contributed a lot to the course of cryptocurrency.
Rochard has joined the Bitcoin maximalists that have made notable predictions regarding the price trend of the digital currency.
In one of his recent tweets, he captioned a chart he named s2f model. He averred that his conclusion that Bitcoin will end year 2020 somewhere between $10k and $100k was deduced from the model he captioned.
He said, “Bitcoin will end 2020 somewhere between $10k and $100k is my guess, just based on s2f model.”
Bitcoin will end 2020 somewhere between $10k and $100k is my guess, just based on s2f model. pic.twitter.com/uD6NsdHFYK
— Pierre Rochard (@pierre_rochard) December 18, 2019
In the space of two months, Bitcoin has lost its grip above $7,000 support more than twice. The journey of BTC price from the top down to the level it presently maintains broadly indicates that the king of coins has so far recorded losses more so than gains especially in the Q2 of 2019.
BTC has experienced an over 50% price pullback since it last recorded its 2019 high of relatively $13,850 back in June 2019. In the last 3 months, Bitcoin has exhibited tons of devastating price actions, making it more doubtful in attaining any significant price level this year, or anytime soon.
Despite the level where Bitcoin is priced at the moment, some prominent and successful traders and business tycoons such as John McAfee, Tim Draper, Thomas Lee, and others still remain resolute with their belief of seeing BTC priced farther above $50,000 in the not so distant future.
The digital currency is now very usual with back and forth price trend, and such action has been quite unfavorable to the subsequent price growth of the digital token.
There are more speculative price analyses and predictions of Bitcoin that end up not playing out than those with special indications from top research.
Bitcoin has slightly regained its surging strength to price above the $7,000 resistance level once again. At the time of filing this report, BTC is trading at $7,145.22, with about 7% price upsurge in the last 24 hours.