The past few weeks have seen the bitcoin price rise in what appears to be a parabolic trajectory with nearly no pullbacks. Many in the cryptocurrency community are in dizzying states of Euphoria but many are calling for calm and caution as nothing just goes in a straight line. Many are beginning to speculate if we are already above $10 0000 now in 2019, what will the bitcoin price be in 2020?
The low for the year 2019 is down at $3322 (2018 was down at $3122) which means that Bitcoin’s stunning recovery has seen it rise over 300% this year alone, not many asset classes see that type of price growth in 5 years let alone Bitcoin’s breakneck speed of 6 months! In comparison, Gold has been stuck in a consolidation range for about 6 years with very price growth for its investors until recently when it broke through its psychological $1400 barrier and gold bugs have gone into complete “bull mode”.
One of the main suspects for the strong Bitcoin rally is the upcoming Bitcoin halving planned for 2020. Approximately every 4 years the inflation rate of Bitcoin drops in half, currently, the circulating supply increases at 12.5 BTC every 10 minutes and after the next halving the inflationary coinage will drop to 6.25 BTC every 10 minutes. The mainstream media is claiming this will cause a “supply shock”, meaning that with demand remaining steady or growing strong and supply being cut in half, it will cause a shock to the market that will see the bitcoin price go parabolic in 2020.
Another circulating theory is that there is strong interest from institutional buyers who are now entering the market. Some factors include:
A popular theory is that people who missed out on buying bitcoin the first time around have started jumping on board in anticipation that Bitcoin will go to $20 000 and beyond in a similar trajectory as 2017.
It is impossible to predict price and even more difficult to predict the exact timing of said price predictions but if history does repeat or even just rhymes with 2017 we could see a parabolic rise that dwarfs the previous high at $20 000. Famous seasoned trader, Peter Brandt recently predicted that Bitcoin had started its parabolic rise towards $100 000 on his twitter feed
(Source: Peter Brandt Twitter)
Below Peter also displayed a table of all the parabolic rises of bitcoin in comparison with traditional assets and stocks such as Apple, Amazon, and Gold.
Peter claims that in his 45 years of trading he has never seen anything like the Bitcoin market.
What do you think? Will Bitcoin hit $100 000 in 2020? If you think so head on over to our Twitter Page and lets us know your predictions. If you want to get a piece of a Bitcoin head on over to CryptoFish, the best way to buy bitcoin with credit card instantly.
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