Here, the CEO of a large financial institution describes why Bitcoin will “rise” in 2020

The CEO of a global crypto financial service provider has shared his Bitcoin outlook for 2020.

The network is expanding

In a recent interview with CNN Switzerland, Arthur Vayloyan, CEO of Bitcoin Suisse, a Swiss regulated crypto finance broker, confirmed: Bitcoin has a bright future and could set the stage for the next bull run in 2020 . 

He believes that the efforts of developers who have continued to improve the network over the past few months may soon pay off.

Vayloyan:

“I’m actually very positive this year because we saw so much development and research last year. People sometimes think that if they don’t see stellar price increases, etc., nothing will happen. But so many things are happening and we will see how they emerge again this year. ” 

This would simply keep the interest and network expansion going – and that would probably have an impact on the positive price trend.

The former Credit Suisse board member added that the upcoming halving could also affect the price of the “mother of all cryptocurrencies”. This is an essential function of the Bitcoin protocol, in which the block rewards granted to miners are halved.

This will lower the output rate. According to Vayloyan, the block premium reduction will cause the price of BTC to “rise”. 

He says:

“If you look back and see the story a little as a prediction, or at least an idea of ​​what might happen, the price movements in those years or in the following year are actually quite positive.”

Vayloya concludes that cryptocurrencies “stay here” as the network expands, the number of market participants increases, and more institutions join the market.

His remarks appear to coincide with several technical indicators suggesting that the crypto flagship will experience a parabolic upswing.

Can we expect parabolic progress?

In early December 2019, Peter Brandt, a trading veteran with 45 years of experience, also indicated that a new parabolic phase will begin as soon as Bitcoin breaks out of the descending parallel channel in which it was located. Such an upward stimulus would likely result in BTC “attacking” and breaking through the all-time high of 2017, the analyst said.

Brandt:

“I believe in Bitcoin’s long-term perspective. Bitcoin will in fact rise to $ 100,000 if not more. This is based not only on what I understand as the fundamental data, but also on what I see as the general classic chart context of the market. ”

Now the pioneering cryptocurrency seems to have broken out of the channel – and that could suggest that it is preparing for a new bull run, as Brandt mentioned.

Despite the bullish outlook, the 30-week moving average could act as a significant price barrier that will keep BTC from rising further.

Should this happen, a return to the 50- or 7-week moving average could be expected before retesting the resistance level. These support levels are $ 8,000 and $ 7,860, respectively.

It is going on

Vayloyan claims that institutions have carefully assessed the importance of blockchain technology over the years. This could be the main reason that they are now entering the market. 

He believes sideline buyers who are skeptical about investing in Bitcoin should look into it as it can offer significant opportunities. Now it remains to be seen whether the demand for the number 1 cryptocurrency will continue to rise in the course of 2020 and thus enable higher highs.