According to Bob Loukas, in 2020 Bitcoin’s price could break its all-time high. For Chuck Jones, an analyst at Forbes, its price could fall below USD 6,000.
Some analysts foresee a bullish trend for Bitcoin in 2020. For example, Bob Loukas, creator of The Financial Tap, anticipated further price increases in the first two months of the new year.
Also, Loukas considers that a steady rise would follow to approach its all-time high by the end of the year. The analyst believes that the figures would be surpassed by 2021.
In the case of a bearish scenario, Loukas sees a potential fall for a period of about 6 months. After that time, the price would reach a level between USD 10,000 and USD 11,000.
Financial analyst Michael Novogratz, founder of the firm Galaxy Digital, also has a bullish view. Through a brief tweet, Novogratz predicted that by the end of the year the price of the pioneering cryptocurrency would be above the USD 12,000 mark.
Above USD 250,000 after Halving
Tim Draper considers that the halving, which will occur approximately in May this year, would mark a before and after for Bitcoin’s price. The risk investor assured that after this reduction by half in the rewards for Bitcoin mining, the price would exceed USD 250,000, which would represent more than a 3,000% increase concerning the current price.
Regarding the time frame for Bitcoin to reach these figures, Draper believes that this would occur between 6 and 12 months after the halving. In other words, it could happen in the last stretch of 2020 or the first half of 2021.
Until now, in the two halves that have occurred in Bitcoin, there have been significant price increases. However, that does not necessarily guarantee the increase that Draper predicted.
Again below USD 6,000
Besides Loukas’ bearish considerations, Forbes analyst Chuck Jones foresees a fall below USD 6,000 in the short term. On December 23rd, Jones stated that Bitcoin’s price would exceed the USD 9,000 mark. He said that it could otherwise easily fall to USD 6,000 and then lower.
In this regard, Jones cites the “cross of death,” a metric that emerges when the average 50-day price falls below the 200-day average. In particular, he cited as a recent precedent the period between May and December 2018, when the price fell from USD 9,500 to above USD 3,000.
It should be noted that the Forbes analyst’s prediction coincides with that of market trader Tone Vays. For him, 2020 will mark the beginning of a new bearish phase that will bring Bitcoin’s price below USD 6,000. Vays considers that this fall will precede a new bullish trend, but he did not set a deadline for each moment.
Vision Hill’s Predictions
Vision Hill, a firm specializing in digital assets, also expects a good year for Bitcoin and cryptocurrencies in general. It assured that 2020 will be one of the best years for cryptocurrencies.
However, Vision Hill said that its forecast for 2020 is not necessarily linked to a steady bullish trend for Bitcoin’s price and other cryptocurrencies. What they do foresee with optimism at the firm is the offer of institutional products associated with cryptocurrencies, based on wide interest in the area.
By Willmen Blanco