Bitcoin turns mainstream: Prices to hit $12K in 2020, volatility to decline — Bloomberg …

(Kitco News) As bitcoin becomes more mainstream, its price moves will be less volatile, with the 2020 range set between $6,000 and $12,000, according to Bloomberg Intelligence.

Volatility is a big part of bitcoin price rallies and selloffs, which has defined the cryptocurrency during the last few years. But, this volatility will continue to decelerate as bitcoin becomes more mainstream with the introduction of futures and other instruments, said Bloomberg Intelligence senior commodity strategist Mike McGlone.

“Bitcoin price volatility should continue to decline in 2020, with the transition from a bear to a bull market apparently over,” wrote McGlone in his December update. “Increasing institutional interest and vehicles for exposure — futures, options, Bakkt — are part of the maturity process. Prices appear to be increasingly caged, with $6,000-$12,000 marking the majority of the range’s bell curve.”

For 2020, bitcoin’s solid support is at $6,500 and first resistance is at…