Bitcoin (BTC) is likely to surpass $20,000 in 2020 according to Blockchain Capital Report
Crypto analysts predict that the worst is yet to come for the Bitcoin market. Nevertheless, top market shareholders are positive about the change, going as far as to say that the price of Bitcoin is likely to exceed $20,000 in 2020. After all, $20k in 2020 sounds appealing.
Blockchain Capital has just published its Annual Report for 2019. In it, investors in Coinbase, Abra, Ripple, Messari, and a number of other leading companies in crypto revealed that Bitcoin is expected to “blow past” its $20,000 all-time high sometime next year.
2) At a macro level, the narrative of bitcoin as an uncorrelated asset emerged.
In the face of rising global instability and negative yields, allocators are in need of alternative stores of value. pic.twitter.com/CSz8HUZdVj
— Blockchain Capital (@blockchaincap) December 12, 2019
It’s not just Blockchain Capital that expects Bitcoin to rise higher in the coming months, particularly overall in 2020. In fact, the assertion of the fund is in line with the views of two prominent managers of investment funds in the crypto industry: Travis Kling, Ikigai Asset Management’s current CIO, and former portfolio manager Point 72, and Galaxy Digital’s Mike Novogratz.
In recent interviews, both of these prominent Bitcoin analysts claimed that they believed the leading cryptocurrency would top $20,000 and hit a new all-time high by late-2020/early-2021.
Why Will Bitcoin Top $20,000?
First of all, the involvement of institutional capital seems to be increasing. After consolidating between $8,500 and $14,000, Novogratz mentioned in August that institutional involvement will help push the price of the leading cryptocurrency higher. The long-held theory of the Galaxy Digital CEO is that banks, together with solution providers such as Bakkt, would carry a huge inflow of money to unknown Bitcoin markets.
Secondly, Novogratz assumes that Bitcoin will be driven by macroeconomic patterns. He specifically referred to negative interest rates, geopolitical unrest, and centralized systems mistrust. Moreover, Bitcoin’s block reward reduction, known as a halving, will be seen next year. Notably, crypto experts, including Tim Draper, suggest Lightning Network and other Bitcoin-related projects would boost BTC’s value proposition, thus raising its price due to higher demand.
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