Bitcoin Will Reach Its All Time High in 2020, tweets Financial Analyst Bob Loukas
Bitcoin could probably see an all-time high (ATH) by the end of 2020,
tweets financial analyst and trader Bob Loukas. His prediction for assets are generally correct to some degree, for example, his predictions for Bitcoin in 2019 trading around $7K range proved correct, causing some excitement around his 2020 ATH prediction.
The reason for a Bitcoin ATH is the global slowdown in central bank movement which would lead to economic stagnation, a prolonged period of little or no growth in the economy, and high inflation. If a slowdown happens, investors will invest in stable assets, which is not impacted by inflation, for instance, Bitcoin which still is the ‘ digital gold.’ Such a narrative predicts BTC’s sustained rise. Although there may be periods of decline, in general, the situation with the coin is positive. Moreover, there is a growing trend in Bitcoin adoption, as more consumers are entering the Bitcoin market, increasing demand, and thus price.
The Main Contradictions
There are many who still believe Bitcoin won’t be reaching the ATH. The reasoning for this is, first, Bitcoin’s actual use cases may be much more narrowed than thought before. The cost of small payments becomes too high to justify as transaction fees rise. In addition, there is significant potential for government controls or even outlawing. The urge for stronger controls over financial transactions may force policymakers to severely restrict the use of Bitcoin. New Chinese legislation is a vivid example of such a change Eventually, there is a real possibility is the fear that the demand for Bitcoin will decrease and be replaced with a new token.
Article Produced By
Ishan Garg
Ishan is a cryptocurrency trader and a journalist. He is the founder of Blockmanity. He trades cryptocurrencies and holds some but he prefers holding USDT.