ADVFN Founder And Financial Analyst Predicts Bitcoin To Grow In 2020
Financial Analyst Predicts Bitcoin To Grow In 2020
Clem Chambers, the founder of ADVFN, talked with the Evening Standard U.K. about the cryptocurrency market, blockchain technology and Bitcoin (BTC). He mentioned that in the future, Bitcoin will start to grow and reach new highs.
According to Mr. Chambers, in 2020 he expects Bitcoin to ‘boom’ once again since blockchain technology will be adopted by many companies around the world and will be embraced by several firms. At the same time, he believes that Bitcoin will also be defining the next 25 years as the internet did revolutionize the last 25.
It is important to remember that Bitcoin did not have a good year in 2018. After growing exponentially in 2017, 2018 was a year to forget for Bitcoin in terms of price performance. Now analysts are wondering and predicting what will happen in the future of the virtual currency market.
According to the cryptocurrency analyst Flib Flib, Bitcoin could star ta bull run in mid-2019 and reach prices as high as $290,000 in mid-2022. However, he believes that there would be a floor in 2019 of $2,500 and $3,100.
— fil₿fil₿ (@filbfilb) December 27, 2018
He explained that diminishing returns do not apply if there is an increased demand in an asset with a restricted supply such as Bitcoin. Furthermore, Murad Mahmudov, another recognized Bitcoin analyst said that Bitcoin could reach another all-time high in 2020.
The market seems to be very bullish for 2019 and 2020. In the near future, there are some things that could be catalysts of a new bull run in the virtual currency market. The Intercontinental Exchange (ICE) is going to launch Bakkt to the market and allow institutions to enter the space. This would generate an increased buying pressure in Bitcoin and other virtual currencies in the market.
Additionally, the U.S. Securities and Exchange Commission (SEC) could be approving the first-ever Bitcoin ETF in February 2018. If this is approved, investors would be able to enter the market and also increase the buying pressure in the most popular digital asset in the market.
At the time of writing, Bitcoin is being traded around $3,871 and it has a market capitalization of $67.62 billion.