The cryptocurrency news today show that Bitcoin (BTC) can deliver 100% returns to investors in 2020, according to a new Fundstrat prediction in the forthcoming 2020 Crypto Outlook report.
The analysts from Fundstrat believe that BTC may rise significantly in the five months until May’s block reward halving as the new report shows. According to Fundstrat Global Advisors, the halving was not yet “priced into” the Bitcoin price.
Currently, the new Fundstrat prediction is only available to the firm’s clients with the key findings uploaded to Twitter by the co-founder Tom Lee on January 10. As Lee said in an excerpt:
“For 2020, we see several positive convergences that enhance the use case and also the economic model for crypto and Bitcoin — thus, we believe Bitcoin and crypto total return should exceed that of 2019.”
Fundstrat also continued and said:
“In other words, we see strong probability that Bitcoin gains >100% in 2020.”
The factors that Lee and others identified focus on geographical tensions as well as the upcoming United States presidential elections in addition to the halving. Fundstrat was definitely inspired from last year’s research when the news showed that the BTC/USD pair hit its high point amid tensions around the Libra news and the launch of the digital currency – as well as the comments by the president Donald Trump.
As many media outlets reported so far, geopolitical factors are what forms the basis for other commentators’ bullish Bitcoin price scenarios for this year. When it comes to the impact of the halving, the new Fundstrat predictions shows that pundits are less united.
Last week, the co-founder at the digital asset fund Morgan Creek Digital, Jason Williams, said that May would prove to be a “non-event” for Bitcoin. He appeared to contradict his fellow co-founder Anthony Pompliano who a month before that claimed that even at $8,750, Bitcoin was yet to have a halving priced in.
Right now, the market is stable above $214 billion with a new increase that put Bitcoin above $8,000 once again. The market cap of the leading cryptocurrency climbed at $146 billion and among the other gainers in the altcoin updates were ETH, XRP, BCH and Bitcoin SV (BSV), which shot by 32% overnight and added a third of its value.
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