Bitcoin Returns May Be 100% in 2020 Without Considering Halving
In 2020, cryptocurrency market participants will focus on Bitcoin due to the imminent halving. Many anticipate a remarkable Bitcoin price upsurge due to the halving event. Nevertheless, some have the conviction that Bitcoin is prepared for a bull run even without taking the halving into account.
According to a recent report, the world’s biggest token can offer investors a hundred percent return in 2020. Further, it claimed the possibility of Bitcoin soaring exponentially in the months before May, when the event will be held. Fundstrat Global Advisors assert that the halving is not yet ‘priced into’ the price of the token.
The company’s customers have access to the report, while Tom Lee tweeted the main points on Twitter on January 10.
We published our 2020 Crypto outlook and made the full report available for our clients.
– bottom line: financial markets tend to discount 1-3 months, and maybe 6 months (max). So highest probability is halvening not priced in
— Thomas Lee (@fundstrat) January 10, 2020
Lee and others maintained that there are two factors that will influence the price of Bitcoin: geopolitical tensions and the upcoming U.S. presidential elections. Halving will also contribute later. Fundstrat reviewed the events that occurred last year before reaching this conclusion.
The company mentioned the price of BTC/USD hitting its peak amid the concerns raised over the stablecoin project of Facebook. Likewise, the U.S. president’s negative comments led to an upsurge.
Past reports stated geopolitical factors as the major basis for other commentators’ bullish Bitcoin price scenarios this year. When it comes to halving, the experts are not quite in agreement. According to the joint founder of Morgan Creek Digital, Jason Williams, in December 2019, the imminent halving is going to be a hyped ‘non-event’ for Bitcoin.
The thought of Williams is different from that of his fellow joint founder Anthony Pompliano, who said two months ago that the pricing in of the halving event is yet to happen at $8,750.
Featured image courtesy of Shutterstock. Source: Cryptopress.