Bitcoin price predictions

04.11.2020

What will Bitcoin be worth in 2020?

We have already seen a spike in the price of Bitcoin and, like many others, we are asking ourselves whether there will be a continuation of the rise in Bitcoin prices. We could ask the fortune teller about the future of this cryptocurrency, but instead we'll look at what bitcoin analysts predict.

Can Bitcoin reach 20k?

Bitcoin tends to see large spikes in volatility after extended periods of consolidation. Looking at the last few months, we see slight price changes. Let's take a look at them.

From May to July this year, Bitcoin fluctuated between $ 8,800 and $ 9,800. After two months, there was a 32% increase, thus increasing to $ 12,123 on Binance. Since July 2020, Bitcoin has been ranging between $10,200 and $11,800. Usually, after a long period of stability, we notice significant changes in the value of the currency.

Judging by the historical pattern, some experts predict that Bitcoin's price could reach 20k in 2020.

What causes Bitcoin price to rise or fall?

Let's take a look at how 2020 has affected bitcoin

It's no secret that the coronavirus had a huge impact on the bitcoin rate. When the pandemic hit us in March this year, the initial shock led to a liquidity crisis. Although we were not experiencing the economic crisis yet, investors were forced to liquidate their assets. Studies in behavioral finance suggest that people facing a crisis tend to convert all liquid assets into cash in order to prepare for the tough times ahead. Therefore, we saw a significant decline in the value of bitcoin.

The upcoming presidential election in the United States may also have an impact on bitcoin. Even if none of the candidates takes a cryptocurrency-specific position, the choice of the Americans will shape the cryptographic scene for the next four years.

Let's see what else can lead to Bitcoin's variability. One of the reasons may be the decline in futures open interest compared to previous bull markets. This reduction in interest may lead to a gradual increase in bitcoin prices.

How fast does Bitcoin grow?

Judging by the historical pattern set by the bitcoin cycle, some people claim that it can reach $20k in the next 3 months.

However, you can find the information provided by bitcoin analysts that the record price may appear even faster! However, we should remember that these are only predictions and that the stock market is never stable.

Will Bitcoin price hit record high?

In the past, we have seen both breakouts and breakdowns.

At the end of 2017, the price peaked at almost $ 20,000 for bitcoin which which was most likely caused by large-volume trades that drove the price up.

Perhaps we can expect a significant increase in the price of this cryptocurrency also this year. Well, there’s nothing left to do, let's just wait for what the future brings.