This year has had an epic start around the world. The Coronavirus pandemic has put markets and governments in check, making crypto holders wonder what the future of Bitcoin’s price will be in 2020.
Bitcoin price in 2020 for Coronavirus
The journey that the price of cryptocurrency has had has been very dramatic. From facing the biggest one-day drop in its history, driving the price below $ 4,000, to recovering, trading above $ 6,000.
However, the crash came at a time that coincided with the collapse of the US stock and index markets.
With this, cryptocurrency investors have wondered about the true potential for the future of Bitcoin, at least in 2020.
At the same time, the injection of liquidity from the Federal Reserve, as a remedy option for market relief, could also initiate an impact on the cryptoverse.
Because of this, today we share with you the possible predictions of the price of Bitcoin in 2020 in this adverse environment.
Peter Brandt visualizes a drop
The trade veteran, who had previously spoken out for a possible bull run, now considers a possible bearish scenario.
According to a shared graph in Twitter, considers that BTC could soon plummet.
Including reaching the top level of $ 2,000 if you complete a bearish flag.
Bitcoin price future could revisit $ 3,000
Another prominent trader to give his opinion on the price of Bitcoin in 2020 is SmartContracter, who commented that the recent rally seems “corrective”, suggesting that a reversal to a downtrend is likely:
“I haven’t done a BTC update in a long time, but structurally this increase seems corrective, I think it was an ABC and we continue further down from here.”
Based on his analysis, based on Elliot waves, he suggests that Bitcoin’s price will drop as low as $ 3,200, the 2018 bear market low.
If this occurs, that means Bitcoin would drop close to 50% of the current $ 6,300 price at time of writing.
Mike Novogratz sees an uncertain picture
The famous influential crypto investor and founder of Galaxy Digital, shared via Twitter your current perspective of the crypto market.
“$ BTC will continue to be volatile in the coming months, but the macro context is WHY it was created. This will be and needs to be the year of BTC. ”
His tweet was shared just hours after the United States Congress failed to reach an agreement on a proposed $ 2 trillion economic support package.
Bitcoin’s Halving is coming
The Halving in mining rewards is getting closer. Many optimists will want to take advantage of this event and the possibility of future profits, maintaining the current price and producing a trend towards $ 7,000 or more.
Additionally, investors are now beginning to worry about central banks, which launch unlimited money “printers,” as well as cutting interest rates.
Given this, the limited supply of Bitcoin and decentralization could lead some investors to consider it as a safe haven asset, similar to gold, boosting the price of Bitcoin in 2020.
In addition, Bitcoin offers a series of attributes or characteristics different from other forms of payment, such as “pseudo-anonymity”. So, whatever happens, everything indicates that there will always be people who are interested in Bitcoin.
However, in terms of payments, Bitcoin and other altcoins still have a lot of work to do. Commercial acceptance of cryptocurrencies is virtually non-existent in the physical world.