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Leading crypto research company: Bitcoin price will double in 2020

Leading crypto research company: Bitcoin price will double in 2020

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Bitcoin price predictions are always a point of contention. However, when a reputable financial research firm like Fundstrat creates one, you should listen carefully.

Bitcoin prices have recently regained the psychological $ 8,000 barrier and are remaining stable at $ 7,700 support. The asset is on the way to tapping resistance at $ 8,400 again – provided the bulls can maintain buying pressure.

That could lead to longer-term gains, and research firm Fundstrat Global Advisors is confident that they will be big in 2020.

The Bitcoin price will double in 2020

Citing three key factors, company co-founder and bitcoin bull Thomas Lee explains his company’s insights from the “Crypto Outlook 2020” on Twitter.

The full version is reserved for corporate customers, but Lee gave us a teaser – and as a result, there is a “strong chance” that Bitcoin will make 100% profit in 2020. From current levels, this forecast would peak at $ 16,000 before the end of the year.

The first major fundamental factor is the halving, which, according to the countdown, will be activated on May 13th. Lee is confident that the halving has not yet been priced in, which will lead to an increase sometime this year.

The previous halving in 2012 and 2016 led to bull markets and pushed Bitcoin to new all-time highs. Other economic models , such as “stock-to-flow”, also predict a bull market after the block reward has been reduced.

Geopolitical risks are another reason for Bitcoin’s bull markets, according to Fundstrat . The recent price movements, which are highly correlated with traditional store of value like gold, are clear evidence that BTC is becoming a safe haven.

This narrative is likely to continue throughout the year as geopolitical and economic tensions increase worldwide.

Election year and cryptocurrency

Third, the research firm notes that the upcoming U.S. cryptocurrency election could be bullish. Lee does not elaborate on these results, but they may be related to crypto-friendly politicians and the notion that the United States is finally taking action on a regulatory framework.

There are a number of other factors that could affect Bitcoin prices this year, including the introduction of other institutional products such as options and ETFs. 

Central banks that continue to work on their own digital currencies are likely to further increase overall awareness and acceptance of cryptocurrencies.

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