Bitcoin suffered a downward trend in the last six months. It went to double digits in the last six months only two times, and that is saying a lot. But it reversed the downward trend last week when it went ahead and smashed the psychological barrier of single digit.
Bitcoin prices have touched $8,000 again, last week. And it continue to crank higher as weekend trading commences. Support held at $7,700 and the asset is on track to re-tap resistance at $8,400 if the bulls can keep at it. If this goes on, according to the latest Bitcoin news, Bitcoin will do massively well in 2020, and it is even predicted that Bitcoin may double up.
Bitcoin bull Thomas Lee took to Twitter to share the findings of Fundstrat called the “Crypto Outllook”. It mentions three factors that will effect the growth of Bitcoin in 2020.
First factor is halving. And Lee predicts that there will be 100% gains in 2020 because of it. From current trend it doesn’t seem so far fetched. The prediction would put Bitcoin at a high of $16,000 before the end of the year.
Second factor is Geopolitical risks. It is another reason to be bullish on Bitcoin according to Fundstrat. Recent price movements which have been immensely depended on traditional store values such as gold. It points that Bitcoin is becoming a safe haven.
And the third factor is US elections this year. It could be bullish for cryptocurrencies. Lee did not expand on it, but the predictions are US will finally get to put it hands on the regulatory framework.
Other than these factors there are many more which might effect the cryptocurrency this year. Like, institutional products such as options and ETFs. And central banks immersing further into their own digital currencies would increase the awareness of cryptocurrencies.
