Bitcoin Could Surge By 575% by 2021
Bitcoin faced some powerful declining pressure the previous day but later experienced a 5 percent upsurge. This marks a positive start in 2020 following an almost hundred percent price increment last year. Bitcoin is among the best performing assets in 2019.
However, according to an industry executive known as Antoni Trenchev, Bitcoin could experience remarkably larger gains this year. He thinks that Bitcoin may experience an upsurge to as high as $50,000 by the end of 2020.
At the moment, the price of BTC is on the upside by almost 5 percent at $7,450, representing a remarkable upsurge from its daily lows of $6,800 established in the previous day when the seller tried to take a powerful stand over the crypto markets.
It is noteworthy that the bullish reaction of the market to the decline in the previous day could be signaling the strength of buyers better than previous anticipations and may be pointing to a great first quarter of this year for BTC.
Trenchev explained his perspective about Bitcoin to Bloomberg. He said that Bitcoin is an “incredible asset” that may experience an upsurge towards $50,000 this year, which is about 575 percent increment from its current prices.
For such movement, some investors are considering what could make it happen and are closely keeping an eye on BTC’s response to its imminent mining rewards halving event. The event is bullish due to the lowering of Bitcoin’s yearly inflation to 1.8 percent.
Further, there was miner capitulation recently and it happened when the price of BTC dropped from its multi-month highs of more than $10k. It has come to an end and may further strengthen buyers to assist BTC in climbing higher.
The likely direction of BTC and the entire crypto markets will become clear in the few weeks and months ahead.
Fetured image courtesy of Shutterstock. Source: Cryptopress.