2020 Deemed Bitcoin’s Ultimate Year According To Analysts, Will See New All-Time BTC/USD Highs
2020 Deemed Bitcoin’s Ultimate Year According To Analysts
Ever since crypto fanatic and Fundstrat Co-Founder, Thomas Lee (Tom) expressed his positive predictions for what’s to come for Bitcoin in 2020 with CNBC, it seems like many are starting to regain faith in the giant crypto.
As previously reported by Bitcoin Exchange Guide (BEG), Lee argued that the fundamentals and technicals have significantly improved, which is surely to help rise Bitcoin’s value. Another argument made was in relation to adoption, where he shared examples like Venezuela and Turkey, countries that have watched their native currencies struggle – adding that they alone make up 30% of Bitcoin’s market.
According to news outlet, Block Publisher , there are other factors to consider as well. In particular, “Bitcoin Reward Halving” was mentioned as “soon-approaching” and this could lend a hand in driving Bitcoin’s value up. Halving is another way to limit circulating supply, and it is typically done every 4 years, where miners watch their rewards get slashed in half.
In terms of how immediate value shoots up, many argue it can either be before halving, or it could be after, but it will happen. Based on Block Publisher’s belief and Bitcoin’s past performance, it is reasoned that the increase in value will be witnessed as early as a year beforehand.
Another measure that has been referenced by the news outlet is Fundstrat’s “Bitcoin Misery Index (BMI),” which is an indicator of, how investors perceive an asset’s price, volatility and activity. Based on the claims made, it is currently at its all-time high since the mid 2016s – giving more hope for investors.
Lastly, when it comes to experts within the crypto sphere, many seem to have expressed differing predictions – some more reasonable than others. For instance, Lee believes that by the end of 2020, Bitcoin can exceed its 2017 all-time high, whereas figures like John McAfee trust that it can reach as high as the million ranges.
Block Publisher also shared the opinions of Morgan Creek Digital’s Founder, Anthony Pompliano, who said: “When I predicted Bitcoin at $500,000 by the end of 2020, it used a model that predicted $5,000 at the end of 2017. BTC has accelerated much faster than my model assumptions. I now predict at $1 million by the end of 2020.”
How reasonable do you think these predictions are? Are you, like many, anticipating a million-dollar value for Bitcoin? Let us know your thoughts in the comments section below.