Bitcoin Can Hit $250K in 2020, Reaffirms Tim Draper as Dominance Rises

Bitcoin (BTC) passed $7,200 a second time on Dec. 19 as previous bearish moves gave way to a return to higher levels.

Cryptocurrency market daily overview. Source: Coin360

BTC shows signs of a bullish comeback

Data from Coin360 and Cointelegraph Markets showed BTC/USD holding ground recovered above the $7,000 mark late on Wednesday. At press time, the pair traded at around $7,100 after hitting highs of $7,345, marking 24-hour gains of almost 8%.

Bitcoin 1-day price chart. Source: Coin360

With sentiment notoriously volatile this week, Bitcoin’s progress has provided a welcome cause for broader optimism among traders and analysts.

In his latest update to Twitter followers, regular Cointelegraph contributor Michaël van de Poppe weighed the potential for further short-term gains. 

“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,” he summarized as…