2020 is literally right around the corner. In what will be the final posting for Live Bitcoin News during 2019, let’s conclude our end-of-year series and examine how bitcoin might maneuver throughout the next 12 months, and how 2020 may stand in terms of bitcoin prowess.
The Bitcoin Price Is Slated to Go Big
We’ve yet to begin the year, and already analysts and industry experts are going crazy with their price predictions for the world’s leading digital currency. Allegedly, this is the year when bitcoin will strike the six-figure range, with individuals like venture capitalist Tim Draper, Ethereum co-founder Charles Hoskinson, and even convicted drug seller Ross Ulbricht claiming that bitcoin will strike a minimum price of $100,000 by the time we’re ready to say goodbye to 2020.
The largest prediction comes from Draper, who has moved his $250,000 bitcoin price suggestion from 2023 three years forward. Originally, Draper commented that bitcoin would reach this price during the year 2022. However, he later changed his ideas and moved the prediction back to 2023, shifting things around by mere months.
This time, however, he’s sticking to this prediction, but bringing it in three years early. It’s difficult to take this idea seriously when Draper himself says he hasn’t looked at the technical charts and is instead basing his prediction purely on his own instincts and past price behavior.
As we’ve seen before, though, bitcoin is a very unpredictable tool, and there’s virtually no way to know if or when the currency will rise or fall next.
Trying to Keep Things a Little More Low Key?
Charles and Ross appear a little more grounded in their predictions. While they still state the six-figure range is doable, they’re not going overboard the way Draper is. Instead, both men predict a more modest figure of $100,000 for the world’s biggest cryptocurrency by market cap, but even still, nothing involving crypto is set in stone.
Where 2020 does have an advantage is that it’s an election year. As we witnessed in 2016, for example, the election of Donald Trump to the United States presidency brought bitcoin past the $1,000 mark for the first time in roughly three years.
A Little Election Might Do the Trick
The hype and hoopla surrounding not only the presidency but the economic prospects that came with Donald Trump’s agenda likely caused bitcoin to surge in ways nobody could have predicted. After all, it was only a year later when the currency hit its all-time high of nearly $20,000.
Again, nothing is for certain, but granted bitcoin is set to repeat such behavior, 2020 could bring similar results given that Trump is up for re-election against a currently unnamed opponent. Thus, we may indeed witness bitcoin striking heavily bullish territory again before the year is out.