Bitcoin (BTC) experienced a very positive year. The digital currency was able to end the bear market that it started in 2018 and it reached the highest point in over 9 months. Although Bitcoin fell from almost $9,100 to $7,800 in a few days, analysts consider it can reach its previous all-time high once again.
Could Bitcoin Reach $20,000?
During an interview with The Independent, the cryptocurrency analyst Oliver Isaacs said that Bitcoin could eventually reach $25,000 by the end of the current year. That means that Bitcoin would experience a price increase of 224% in just six months, something that doesn’t seem impossible. Indeed, Litecoin (LTC) and Binance Coin (BNB) have surged over 300% and 500% respectively in the last six months.
He believes that there are several catalysts behind Bitcoin’s move towards $9,000, including the U.S.-China trade war that started some months ago. Bitcoin could eventually be used as a safe haven, even when the digital currency is volatile and is still young compared to other assets.
In addition to it, Garrick Hileman, the head of research at Blockchain.com, said during a conversation with the South China Morning Post (SCMP) that he sees a strong inverse correlation between Bitcoin and the Chinese Renminbi. Nonetheless, he said that they cannot be sure that the recent price surge experienced by Bitcoin was driven by trade tensions between China and the United States.
Isaac has also mentioned that there is increased adoption of Bitcoin and other technologies such as Blockchain. Microsoft, Facebook, Amazon and others are starting to work with digital assets and distributed ledger technology (DLT) in order to offer better services and products to people around the world.
It is also worth mentioning that there are other firms such as Fidelity Investments and the Intercontinental Exchange (ICE) that have also been trying to offer new services to firms and larger investors. Although their products are not yet ready to be released to most of the users, they have made significant improvements in the last months.
Finally, during a conversation with Bloomberg TV, Jehan Chu, the co-founder and managing partner of Kenetic, said that he expects Bitcoin to be traded close to $30,000 by December 2019.
Currently, CoinMarketCap shows that Bitcoin is being traded around $7,766 and it has a market capitalization of $137 billion.
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