Despite the price development, Mike McGlone from Bloomberg thinks that the Bitcoin price could rise to 20,000 dollars this year. According to him, fundamental factors would support this prediction. McGlone says that the price development before and after the block halving in May is very similar to the development in 2016. If Bitcoin continues to move similarly, the price could reach $20,000:
“Bitcoin reflects a return to its previous high in 2016. Four years later and two years after the decline of almost 75 percent in 2018, Bitcoin will reach a record high of about $20,000 this year if it continues the trend of 2016.”
1️. Bitcoin outperforms the stock market, which could attract more investors to the cryptocurrency market.
2. Always more professional investors are entering the market, as the figures for CME futures show.
3. The number of active Bitcoin addresses is increasing.
4. The Halving should have a positive effect on supply and demand dynamics in the crypto market.
McGlone is not the only optimist on the crypto-market. Hayes and Morehead come to a similar conclusion regarding the Bitcoin price. However, they think that this is more related to the weak monetary policy of central banks.
Arthur Hayes is the CEO of BitMEX.
In April he wrote in the newsletter “Crypto Trader Digest” that Bitcoin is on the way to reach a new record high this year. The record number of fiscal and monetary stimulus measures taken by central banks and governments around the world will support this trend.
Dan Morehead of Pantera Capital made similar comments:
“As governments increase the amount of money, more money is needed to buy fixed assets such as stocks and real estate. I think they will. As a result, they will also increase the price of other things like gold, Bitcoin and other crypto currencies.”
Then I have to tell you that it is not a recommendation to buy Bitcoin, but only information that might be interesting for you.
Personally, I am not thinking of an all-time-high in 2020.
The all-time-high will happen, as usual, one year after Halving.
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