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Russian Analysts Bet on the Further Growth of Bitcoin

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Growth of Bitcoin

Four experts shared their opinion on the growth of Bitcoin in the next 4 months, and whether it will be able to update the historical maximum. 

growth of bitcoin

Many Russian analysts, like their foreign counterparts, are optimistic about the future growth of bitcoin. This was reported by the RBC agency, which interviewed several experts on the crypto market.

In early September, the average market price of bitcoin exceeded $ 12,000, then dropped below $ 9,900 several times. The cryptocurrency fell in price after its value increased by almost 260% since March this year. Now the coin is trading at $ 10,000, and its prospects for further growth are in jeopardy. Four experts gave forecasts of the dynamics of the asset rate until the end of 2020 and answered the question: will BTC be able to renew its historical maximum of $ 20,000 in the next four months.

“Bitcoin is increasingly considered safe”

Fedor Anashenkov, an analyst at United Traders

growth of bitcoin

Bitcoin could hit and exceed $ 20K, but only in the worst-case scenario. Namely, if uncontrolled inflation of the dollar begins. Then investors will begin to massively transfer all possible funds into assets that are not subject to the monetary policy of Western states, and one of these asset classes is cryptocurrency.

There needs to be a consensus in the market that bitcoin is a defensive asset. Now, this is not obvious, many people still perceive cryptocurrency as a high-risk asset, which is also quite true. However, the fact that bitcoin in price in recent months has been correlated more with gold than with stocks still speaks in favor of its adoption as a protective instrument.

“Now the financial markets are a real bubble”

 Dmitry Ivanov, Executive Director, Klopenko Group

growth of bitcoin

Bitcoin, despite its growing popularity among the population and the attention of large investment funds, remains a speculative asset that grows in conditions of stability and hopes for economic development. At the same time, it should be noted that in the spring, when all stock markets were falling (on the awareness of the prospects for a pandemic), bitcoin behaved the same way – after the exchanges and the dollar, it decreased.

Now the financial markets are very disconnected from the real economy, this is a real financial bubble that will burst sooner or later. Ahead is difficult autumn, with the US presidential elections and the possibility of a second wave of the pandemic. Also, markets are gradually beginning to realize that there will be no V-shaped recovery in the global economy, the crisis is becoming protracted. It will take many years to recover to 2019 levels.

As soon as other negative statistics on the GDP of different countries begin to come out, when it becomes clear that there is no recovery in demand for energy resources, and the level of consumption has collapsed to the level of the 80s of the last century, another collapse will occur. And Bitcoin will not be an exception: it is not for nothing that investors invest as much as possible in precious metals, getting rid of paper assets (dollars, euros, treasuries). And bitcoin is generally a virtual asset, the rules for the turnover of which on a global scale have not yet been determined. Therefore, it is unlikely that this year or next we will see bitcoin at $ 20,000. Rather, it is worth waiting for the currency to decline, but to what extent it is difficult to imagine.

“Bitcoin has the prospect of breaking the $ 20,000 mark” 

Michael Ross-Johnson, CEO of cryptocurrency neobank Chatex

growth of bitcoin

If we evaluate the graph of bitcoin movement in the current year, then there are all the prospects for the cryptocurrency to exceed the $ 20,000 mark. In 2020, bitcoin almost completely repeats the dynamics of 2017, when in just a year the currency rate increased by about 20 times, and the capitalization of all cryptomarket – 34 times.

Cryptocurrencies are showing resilience this year and are increasingly seen by investors as a defensive asset. Given that a very small proportion of the population (in the world as a whole) is still involved in the crypto market, there is every chance for the growth of the bitcoin rate and the capitalization of the digital asset market on a global scale.

“We will see new historical highs of bitcoin no earlier than 2021”

Tatiana Maksimenko, the official representative of the Garantex exchange

In my opinion, Bitcoin has almost no chance of reaching its all-time high this year. There are no prerequisites for such a course movement. Bitcoin has every chance of gaining a foothold above $ 12,000 and, in an optimistic scenario, approaching $ 15,000. This is facilitated by economic instability in the markets, an overheated technology sector, which for the second time in a year has shown a decline, a pandemic, and an intensifying trade war between the US and China.

We can see new all-time highs in the fall of 2021. By that time, the effect of the May halving should be fully manifested.

Conclusion

As you can see, the opinions of experts are radically different regarding the course of the main cryptocurrency. Some say with confidence that the rate will recover by the end of 2020 and even exceed the maximum threshold of $ 20,000. Others argue that until 2021, one should not hope for a drastic price increase, and the maximum that Bitcoin can reach will be $ 15,000.

And we remind our readers that our articles are only analytical and do not call anyone to buy or sell cryptocurrencies. We share with you the opinions of leading experts and analysts from the crypto sphere, and the decision is only yours.

Read our news every day, here we publish the most relevant, in our opinion, cryptocurrency rate forecasts and share the latest news from the crypto space.

 

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