All eyes are on the world’s largest cryptocurrency by market capitalization Bitcoin (BTC) which is still stuck in the consolidation zone. Over the course of the last few weeks, the first-ranked digital currency has not been able to come out of the $10,000 – $11,000 range despite several attempts made by the coin during this time frame. Only three months are left before the year 2020 ends and Bitcoin has not even gone close to its all-time high value. Can Bitcoin reach the $20k figure by the end of this year?
Bitcoin price is still in consolidation
For almost the whole month of September, the largest cryptocurrency has been trading in the range between $10,000 and $11,000 without showing any big move that could have taken it nearer to its all-time high value. The major digital currency is still in the consolidation phase.
Bitcoin has made several attempts in recent times to come out of this zone but it could not succeed. The price value of BTC is consistently trading in this consolidation zone.
However, some cryptocurrency analysts believe that this consolidation pattern will help the leading digital coin to start a bull run at the end of this year.
Consolidation is good for Bitcoin
As Bitcoin consolidation continues, a content manager at Crypto Radar Jack Choros says that it is good for Bitcoin for the coming bull-run. Choros is of the view that the top-ranked digital currency will get nearer to the $20,000 mark by the end of this year. Choros said in a statement:
“Any consolidation is a good thing for the next bull run. Bitcoin is going to get close to $20,000 by the end of the year. Mark my words.”
Currently, the price value of Bitcoin (BTC) is trading at $10,702.42 USD with a change rate of 0.44% in 24 hours, at the time of writing. The current sentiment is slightly positive in the market. However, this is not enough to get close to $20k. Bitcoin surely needs to start a strong bullish rally to make it happen by the end of 2020.