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Bitcoin Price Prediction 2020
Bitcoin Price Prediction 2020

Bitcoin Price Prediction 2020: Its best days still lie ahead of it, by Jeff Barroga

Bitcoin Prediction 


JANUARY 14, 2020 / 13:35 UTC

LONDON (Fintech Zoom) – Bitcoin Price Prediction 2020 by Jeff Barroga – Several cryptocurrency and financial analysts said that bitcoin’s price will not see a significant increase in 2020, despite the looming bitcoin halving.

Some argued that the halving is already priced in while others referenced litecoin’s halving where the price surged but then returned to pre-halving prices within a day.However, I honestly believe that bitcoin price could return to 2017 levels this year because of four reasons:

  • First, bitcoin is built on a model of deflation wherein there is less new currency/bitcoin issued over time. Deflation makes bitcoin scarce, and when something is scarce, it has more value.
  • Second, bitcoin mining profitability will take a hit in May. Miners who can’t breakeven will cease their operation and those who continue to mine will only sell their bitcoins at a profitable rate, thereby increasing the asking price.
  • Third, there’s historical data where we’ve seen an exponential surge in price after each halving. I can’t think of any reason why the trend won’t be repeated.
  • Lastly, 2020 is another year for bitcoin adoption. 2019 was an important year for adoption where we saw increased use of cryptocurrency (particularly bitcoin) in Latin America and Iran due to economic and political tensions.

Other major events include financial giants such as Bakkt, E-Trade, and Ameritrade offer bitcoin futures trading; increased demand for bitcoin trading on Cash App; and major institutions accepting bitcoin payment.

Those are just some of the significant events in 2019 and there will be more in 2020. Although bitcoin hasn’t reached mass adoption yet, its best days still lie ahead of it.

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Bitcoin Price Prediction 2020 by Jeff Barroga

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Bitcoin Price Prediction 2020 by Jeff Barroga

Jeffrey Barroga

Jeffrey Barroga is an active bitcoin trader and a digital marketing professional. He's a Digital Marketing Officer at Paxful (https://paxful.com) - one of the biggest peer-to-peer bitcoin marketplaces in the world. Throughout his career, he has worked with some of the biggest brands in Australia and Europe. He holds small amounts of bitcoin and his comments are his personal opinion and not the official stance of the company.

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