Bitcoin: What next for 2020?

[Whited35 15285]

 

First of all, thanks  @ayatoslaw for the analysis based on historical data and charts.I am not an expert but I decided to create this topic by analyzing the current scenarios. 

Everyone is just talking about Bitcoin price alone but I have been strongly monitoring BTC/ETH price strength in the cryptocurrency markets for a long time in order to make further moves. After the third halving event of Bitcoin, if there was no dangerous pandemic to crash the global economy, the Bitcoin price would already have broken the previous highest price record. Despite the third halving event, there was a stunning recovery of the Bitcoin network hash rate which was a clear indication of the increasing rate of PoW miners due to pandemic. Due to increasing cases caused by COVID-19, potential investors avoided BTC to wrap up their fund in something stable things. 

Now, I would like to point out some possible signs to cause the bullish trend in 2020.

• Recently, there was news, a company started to hold huge amounts of BTC by converting the company's cash into BTC for a long term purpose. If this trend inspires other multinational companies, surely it will affect the supply of BTC to give a high price for each BTC.
• A data firm has published a report about the highest realized price of Bitcoin which was an indication, circulating supply of Bitcoin is finding its way to the small investors(Bitcoin adoption rate is increasing globally) 
• Surprisingly, there are increasing numbers of new blockchain companies all over the world in 2020. Can you believe it? China alone has 10,000 new  blockchain companies in 2020. It is another green sign for the coming bullish trend because more the BTC focused blockchain companies, more will demand Bitcoin in the cryptocurrency markets.
• DeFi craze is looking amazing this year which is causing the stronger BTC/ETH price strength.
• A report suggests, Bitcoin holding in cryptocurrency exchange wallets drops to a 20-month low! It also indicates a green sign for possible bullish trend because more BTC holders are still loving to hold Bitcoin in their personal wallets.

 

So we have these scenarios now. If everything goes normally, we can expect the impressive bullish trend of BTC in 2020 otherwise if there are other hampering factors like a possible second wave of COVID-19, another sharp price drop of BTC is on the way. 

 

P.S. I caution you, do not take it as your investment advice 🙏 !

[Whited35 15285]

1 hour ago, BTC Future said:

A stock bear market will happen for certain. It may even be 2 years long. Bitcoin in my opinion can escape this but initially it will be affected and drop. Remember that we are in euphoria currently and usually this does not end well.

Yes, so many reports suggest BTC price has correlation with stock market specially U.S. stock market. It can be a direct connection, we saw the sharp price drop of BTC (mid-march) after a collapse of U.S. stock market. Anyway, there are other factors to affect BTC price too. I am tracking different indicators with updated information. 

[Whited35 15285]

3 hours ago, ndadukun12 said:

A lot of individuals have already switched to making money with crypto currencies after losing their jobs.

@ndadukun12 That's true but I really expect your thoughts about mainstream focus of this topic i.e. what do you think about possible bullish trend of Bitcoin in the cryptocurrency markets ? Do you think my listed points are directing the bullish trend of Bitcoin 😊? 

[Moaz 7239]

It seems to me that all the possibilities clearly indicate that Bitcoin will continue to rise in 2020, and its price may reach over $ 20,000 at the end of this year. Unless there is an unexpected global problem such as the emergence of another virus or the outbreak of war, then Bitcoin prices will fall again. And this will lead to a decrease in the prices of the rest of the cryptocurrencies

[Whited35 15285]

3 hours ago, Moaz said:

It seems to me that all the possibilities clearly indicate that Bitcoin will continue to rise in 2020, and its price may reach over $ 20,000 at the end of this year.

Potential investors are getting increased. If we do not have the another deadly wave of COVID-19 pandemic, as you have said, we will be expecting BTC price over $20K plus this year. Anyway, most of investors of BTC are looking like to follow long term hold strategy which is itself the good thing. 

[Whited35 15285]

11 hours ago, Moneyguru said:

that is hype for Bitcoin in history, and also after halving new supply come from miner is being cut in half

I am facing a hard time to understand what you actually trying to say here ? Why Bitcoin halving is hype ? And, what did you mean by " after halving new supply come from miner is being cut in half" ? Actually, block reward for miners will be half of previous reward.

[malik6314193 5449]

Thanks for you analysis. After reading i am also thinking that there will be bull run in bitcoin price will take place after few months may be end of this year. 

But i want to ask a question that where bullrun take the price of bitcoin. I mean what will the price of bitcoin after bulrun.

[Whited35 15285]

11 hours ago, malik6314193 said:

But i want to ask a question that where bullrun take the price of bitcoin. I mean what will the price of bitcoin after bulrun.

@malik6314193 Hello, it will be determined by the market. I can not actually say the exact price of Bitcoin during an event of next bullrun. You know cryptocurrency market's behavior is generally unpredictable with 100% accuracy. If you ask me about possible price, I might say like, Maybe it will cross the $20k mark because I have seen some green signs that I have also mentioned in my topic. 

[mithhumia 33]

This reveals to my advice that most of techniques appears specify the fact that Bitcoin could pursue to grow during 2020, as well as its expense could possibly access about $ 20, 000 when they get home for this year or so. Except when there does exist wonder universal predicament including beginning for one other strain or simply any break out for world war, consequently Bitcoin price tags could come for a second time. All this could end up in a good disappearance of the prices for the rest of the cryptocurrencies.

[Ernesto9191 37]

On 8/24/2020 at 6:08 AM, ndadukun12 said:

Bitcoin is gaining a lot of ground. It even seems as if the purpose of this pandemic was to elevate crypto currencies. A lot of individuals have already switched to making money with crypto currencies after losing their jobs.

after the halving that occurred in May 2020. With the cut to half of 1800 BTC, the shortage will be accentuated and will have an upward effect on the price of Bitcoin. Well established economic theory makes a convincing argument to support a significant price increase in the future.

In addition, many well-known retail chains such as Subway, Burger King, KFC, have experimented with the direct acceptance of Bitcoin in a limited way, that is why this year 2020 has seen a very significant increase in the adoption of the cryptocurrency, which can make the price continue to rise. price for the end of the year

[Whited35 15285]

On 10/8/2020 at 5:36 PM, mithhumia said:

This reveals to my advice that most of techniques appears specify the fact that Bitcoin could pursue to grow during 2020, as well as its expense could possibly access about $ 20, 000 when they get home for this year or so. Except when there does exist wonder universal predicament including beginning for one other strain or simply any break out for world war, consequently Bitcoin price tags could come for a second time. All this could end up in a good disappearance of the prices for the rest of the cryptocurrencies.

So many factors will be responsible to affect the price of Bitcoin. Most important factors are like adoption rates, supply and demands, media hypes, global politics etc. I made this analysis based on so many factors which may actually play to crucial  roles to give raise in price of BTC. 

[Villa33 143]

Expectations in the following year with bitcoin are on the rise, this year 2020 taught us that unfortunately if bitcoin continues to be centralized in some countries like China, the strength of bitcoin can be affected

[Whited35 15285]

3 hours ago, Villa33 said:

Expectations in the following year with bitcoin are on the rise, this year 2020 taught us that unfortunately if bitcoin continues to be centralized in some countries like China, the strength of bitcoin can be affected

What do you mean here ? How can Bitcoin be centralized as computing power for Bitcoin is in spread all over the world. You should first understand the decentralization nature of Bitcoin. Yes, majority of miners are based on China but still Bitcoin can not be centralized. 

[Whited35 15285]

3 hours ago, saraanna396 said:

The price of Bitcoin cannot be predicted, with the events that the world is going through, and the epidemic has not receded permanently, which has a direct impact on the price of Bitcoin, as its price decreased during the first months of the epidemic to less than 5k USD, so the increase in the price of Bitcoin is closely related with get rid of the specter of this epidemic.

@saraanna396 I have not made the price prediction either. I was just talking about the possible scenarios of Bitcoin based on so many real time factors. WE know, no one can make the BTC price prediction with 100% accuracy. Thanks for your thoughts anyway. 

[Projectcrypto 4382]

On 10/19/2020 at 2:14 PM, saraanna396 said:

the increase in the price of Bitcoin is closely related with get rid of the specter of this epidemic.

Bitcoin is quite unique i must confess because just yesterday i saw it reading $11,000 plus only to wake up this morning to see bitcoin rise to $12,900 which is close to $13,000 and i believe bitcoin will rise more because it is a promising coin, so let's excercise more patience so we can make more profit.

[Isabel2310 54]

there are many reports where they claim that BTC has a lot of correlation with the stock market,they also say that this pandemic is raising the price of bitcoin much more 

[Whited35 15285]

17 hours ago, Isabel2310 said:

there are many reports where they claim that BTC has a lot of correlation with the stock market,they also say that this pandemic is raising the price of bitcoin much more 

@Isabel2310 I assume you have read the full texts from my topic carefully. During this pandemic, so many people try to practice for cashless transactions and Bitcoin become the best option due to its feature like faster transaction, transparency, etc. It has surely helped for adoption rate of Bitcoin to increase. 

[Oxygen99 1930]

3 hours ago, Whited35 said:

@Isabel2310 I assume you have read the full texts from my topic carefully. During this pandemic, so many people try to practice for cashless transactions and Bitcoin become the best option due to its feature like faster transaction, transparency, etc. It has surely helped for adoption rate of Bitcoin to increase. 

Yes my friend because everyone was left at home and since we can can contact Corona virus through paper money then many people have no option than to make use of bitcoin to accomplish there transaction which has lead to the wide adoption of the currency in many countries especially in developed countries.

[Whited35 15285]

10 hours ago, Oxygen99 said:

Yes my friend because everyone was left at home and since we can can contact Corona virus through paper money then many people have no option than to make use of bitcoin to accomplish there transaction which has lead to the wide adoption of the currency in many countries especially in developed countries.

@Oxygen99 Circulating supply of Bitcoin was spread-ed to the small investors and the rate was maximum than before. It is a clear indication that Bitcoin is going to be adopted by community even more than before. I expect a mass-adoption trend for Bitcoin. 

[Oxygen99 1930]

10 hours ago, Whited35 said:

@Oxygen99 Circulating supply of Bitcoin was spread-ed to the small investors and the rate was maximum than before. It is a clear indication that Bitcoin is going to be adopted by community even more than before. I expect a mass-adoption trend for Bitcoin. 

It is just a matter of time my friend because bitcoin has earned good reputation from many people around the world already including in the rural areas and i believe sooner or later bitcoin will dominate the world at large because it has a bright future ahead.

[ShiNorton 906]

You can easily trade Bitcoin in exchange for cash so it is a thing to attract so many investors. I have not a big expectation BTC price may not increase more than $15000 by the end of 2020.

[Whited35 15285]

3 hours ago, ShiNorton said:

You can easily trade Bitcoin in exchange for cash so it is a thing to attract so many investors. I have not a big expectation BTC price may not increase more than $15000 by the end of 2020.

@ShiNorton I respect your opinion but in essence, BTC price can not be predicted with 100% accuracy. Instead of price prediction of BTC, I was talking about the possible bullish trend of Bitcoin and the impacts have been also seen in the market if you locate the current market's condition for Bitcoin. 

We all are expecting a bullish trend for Bitcoin in the near future. 

[Oxygen99 1930]

18 hours ago, Whited35 said:

@ShiNorton I respect your opinion but in essence, BTC price can not be predicted with 100% accuracy. Instead of price prediction of BTC, I was talking about the possible bullish trend of Bitcoin and the impacts have been also seen in the market if you locate the current market's condition for Bitcoin. 

We all are expecting a bullish trend for Bitcoin in the near future. 

Yes my friend and that is why we need to excercise patience with the market at the current situation because patience is the key to success in cryptoworld and just the way you said sooner or later bitcoin will boost higher in terms of value in the market.

[SuperCrypto 7193]

Bitcoin markets have rebounded over the past two days. The full $ 13,000 level may attract a certain amount of interest so it is not surprising that we are pulling back a little from here. If the $ 12,000 level was tested down, I think a lot of traders would be more willing to participate because it would be an area that a lot of sellers would be interested in.

[Whited35 15285]

4 hours ago, SuperCrypto said:

Bitcoin markets have rebounded over the past two days. The full $ 13,000 level may attract a certain amount of interest so it is not surprising that we are pulling back a little from here. If the $ 12,000 level was tested down, I think a lot of traders would be more willing to participate because it would be an area that a lot of sellers would be interested in.

@SuperCrypto quite bullish trend for days before shifting towards mean reversion on the most of the exchange sites. My previously predicted scenarios are looking like to be correct now anyway, we will be still eyeing towards a higher price range as investors are loving to hold BTC 😉.