<p>The price of bitcoin (BTC) is set to increase this year, according to a Bloomberg analyst.</p> <p>Mike McGlone, a senior commodity strategist for Bloomberg Intelligence, has <a href="https://data.bloomberglp.com/professional/sites/10/Bloomberg-Crypto-Outlook-January-2020-edition.pdf">said</a> that the two factors - bitcoin’s fixed supply (21 million coins) and increasing adoption - are likely to support the world's largest cryptocurrency’s appreciation in 2020.</p> <p>“Bitcoin is winning the adoption race, notably as a store-of-value in an environment that favors independent quasi-currencies,” said McGlone, adding: “In 2020, Bitcoin supply should increase about 2.5%, an all-time low on the way to zero growth.”</p> <p>Increasing gold prices are also likely to favor bitcoin’s price this year, according to McGlone. “Gold prices will keep climbing in 2020 and so should Bitcoin,” said the senior analyst. </p> <p>Bitcoin’s volatility should also continue to decline, according to McGlone, who sees $6,000 as bitcoin’s key support level and $10,000 as a resistance level this year.</p> <p>The price of bitcoin, on the other hand, is more likely to “edge toward 2019's high of about $14,000, though they probably won't stay below the trough at just above $3,300,” said McGlone, concluding: <br /> <br /> “Bitcoin should again outshine most crypto assets in 2020 as the unique and appreciating digital version of gold.”</p>