While 2019 has disappeared for good, what can we expect of Bitcoin price in 2020? What do experts think about BTC’s price this year? Will BTC hit incredible milestones? This article presents some interesting details about Bitcoin price.
1 January 2020 | AtoZ Markets – With people popping bottles of champagne across the globe, the big year of the third Bitcoin halving has already arrived. The belief that the forthcoming reward halving would trigger another price rally became one of the major crypto narratives as early as in 2019.
In what will be the first Bitcoin article for AtoZMarkets in 2020, let’s begin our examination on how Bitcoin price might maneuver throughout the next 12 months, and how this year may stand in terms of Bitcoin prowess.
Will Bitcoin price explode in 2020?
Before 2020 started, analysts and industry experts are already going crazy with their price predictions for the world’s flagship cryptocurrency. Allegedly, 2020 is the year when bitcoin price will strike the six-figure range, with individuals like venture capitalist Tim Draper, Ethereum co-founder Charles Hoskinson, and even convicted drug seller Ross Ulbricht claiming that Bitcoin will strike a minimum price of $100,000 by the time we’re ready to say goodbye to 2020.
The largest prediction comes from Draper, who has moved his $250,000 Bitcoin price suggestion from 2023 three years forward. Originally, Draper commented that bitcoin would reach this price during the year 2022. However, he later changed his ideas and moved the prediction back to 2023, shifting things around by mere months.
This time, however, he’s sticking to this prediction, but bringing it in three years early. It’s difficult to take this idea seriously when Draper himself says he hasn’t looked at the technical charts and is instead basing his prediction purely on his own instincts and past price behavior.
As we’ve seen before, though, Bitcoin is a very unpredictable tool, and there’s virtually no way to know if or when the currency will rise or fall next.
Trying to remain moderate in their predictions?
Charles and Ross appear a little more grounded in their 2020 Bitcoin price predictions. While they still state the six-figure range is doable, they’re not going overboard the way Draper is. Instead, both men predict a more modest figure of $100,000 for the world’s biggest cryptocurrency by market cap. But even still, nothing involving crypto is set in stone.
Where 2020 does have an advantage is that it’s an election year. As we witnessed in 2016, for example, the election of Donald Trump to the United States presidency brought Bitcoin past the $1,000 mark for the first time in roughly three years.
US presidential election might do the trick
The hype and hoopla surrounding not only the presidency but the economic prospects that came with Donald Trump’s agenda likely caused Bitcoin to surge in ways nobody could have predicted. After all, it was only a year later when the currency hit its all-time high of nearly $20,000.
Again, nothing is for certain. But granted, Bitcoin price is set to repeat such behavior in 2020. The reason is that Trump is up for re-election against a currently unnamed opponent. Thus, we may indeed witness Bitcoin striking heavily bullish territory again before the year is out.
To prophesize is a natural human tendency. Humanity applauds those who make the right prediction and also love to hate on people when they miss the mark, especially by ridiculously large amounts. For many years, the crypto industry has been prone to high fluctuations and volatility. Nobody can actually predict what will unfold in the upcoming seconds, minutes, hours, days, weeks, months… let alone the years.
Once when everyone predicted that Bitcoin would die, its price nearly hit $20,000. Conversely, when people thought that it would hit $1 million, it plummeted to a meager $3,200.
Will 2020 be the era for Bitcoin price to attain new heights? Tell us what you think in the comments section below.