The Bitcoin price was on the decline for the second half of last year. However, Bitcoin in 2020 is an entirely different subject – the crypto asset still roughly doubled in value over the course of the entire year. In fact, there are now only two major cryptocurrencies which outperformed Bitcoin in 2019. If you want to read more about them, visit this link.
Anyways, the Bitcoin price news have shown a lot of mixed movements lately. Most importantly, BTC is nearing the $10,000 mark now and if that is achieved soon, analysts expect the flagship cryptocurrency to match its all-time high of nearly $20,000 or even go bigger.
According to the co-founder of an altcoin known as Nexo named Antoni Trenchev and his interview with Bloomberg’s Matt Miller, Bitcoin in 2020 could continue to rise to the $50,000 mark.
“I think that, very easily, we could see Bitcoin going up to $50,000 by the end of this year,” said Trenchev.
Meanwhile, if you read our Nexo news, you know that this is one of the altcoins which allows users to borrow fiat currency against their crypto holdings. According to the team at Nexo, a massive rise in the Bitcoin price could occur due to the upcoming halving event which happened last week.
For those of you who did not read anything about Bitcoin’s halving, you should know that the event takes place about every four years and the last time it happened, BTC managed to rally by 4,000%. If you are interested in hearing more, read our latest Bitcoin halving news.
Bitcoin in 2020 is seen as a digital gold by many analysts. It is uncorrelated to the rest of the market and provides asymmetric returns for holders of the cryptocurrency. According to Trenchev:
“The initial idea was: We’re going to pay for coffees with Bitcoin. But, obviously, that has failed to materialize. The narrative, now, that is much more persuasive is that Bitcoin is the new gold, and we see confirmation with the turmoil that we have this morning — Bitcoin is rallying on par with gold.”
With all this, the co-founder of Nexo doubled down and said that BTC could reach the $50,000 level if the crypto asset is able to take hold of 10% of the current gold market.
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