Bitcoin News Today – Headlines for January 4

  • Bitcoin continues to hold gains over the $7k level
  • Bitcoin could surge to as high as $50k by the end of this year – Antoni Trenchev
  • BTC forthcoming halving could catalyze this rally

Bitcoin News Today – Bitcoin (BTC) has been struggling to hold gains over the $7k level over the past few days. The digital currency started the New Year in the red, but it seems to be correcting that notion of a bad start, as it is up by more than 5 percent over the past twenty-four hours. This great start to the New Year comes after the price of the digital currency surged by almost 100 percent in 2019, emerging as one of the best performing assets in the world last year.

Bitcoin (BTC) Price Could Surge to $50k by the End of This Year

One industry expert is saying that he believes Bitcoin (BTC) could surge significantly higher this year. He said that the price of Bitcoin could surge to as high as $50k by the end of this year. At press time, Bitcoin (BTC) is trading at $7,400 after an increase of about 5 percent over the past twenty-four hours. This increase marks a notable surge from its new yearly low of $6,800. BTC tested new lows yesterday when the bears tried to gain control over the digital currency market.

Bitcoin (BTC) Price Today – BTC / USD

NamePrice24H %
bitcoin
Bitcoin(BTC)
$42,161.00-0.15%

It is vital to note that the bullish reaction of the market to yesterday’s plunge may indicate that bulls are stronger than many analysts have been anticipating. It could also mean that the first quarter of this year could be great for BTC.

The CEO of Nexo.io (a Bitcoin lending platform) – Antoni Trenchev – recently gave his opinion on where BTC could head by the end of the year. In an interview with Bloomberg, the CEO said that Bitcoin is an incredible asset that could surge as high as $50k by the end of 2020. This marks an increase of about 575 percent from its current levels.

What Could Catalyze a Rally to $50k?

Trenchev’s prediction is very bullish and many are wondering what could catalyze the price of the digital currency to that level. However, some investors and analysts are strongly watching to see how the digital currency would respond to the forthcoming halving event. The event will see the reduction of BTC mining rewards by half and lower the annual inflation of the digital currency to 1.8 percent.

In addition, the recent miner capitulation session that coincided with this plunge from its 2019 high of more than $13k has officially ended. This could further bolster bulls and help the price of the digital currency to recover significantly higher. BTC halving is just a few months away, and many are expecting the price of the digital currency to respond bullishly to the event.

Princess Ogono is a writer, lawyer and fitness enthusiast. She believes cryptocurrencies are the future. When she's not writing, she spends time with her adorable cat, Ginger and works out often.

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