- Bitcoin had completely tumbled down the previous year, incurring a decrease of at least 25% till the year-end.
- Bitcoin ended the previous year trading at $7,272 at continuing the same trend into the few days of 2020.
- The idea of digital currency is appealing to many and is reaching everyone, which hence explains the rise in Bitcoin users.
The star of the crypto world, “Bitcoin,” is heavily anticipated to reach the predicted margins this year entirely. Bitcoin had completely tumbled down the previous year, incurring a decrease of at least 25% till the year-end.
However, tables turned for Bitcoin during the start of 2020, it started a bull run with a gain of over 20% and still anticipated to continue the run. Bitcoin ended the previous year trading at $7,272 at continuing the same trend into the few days of 2020.
The prediction of Bull Run started to anticipated on the 8th of January, where Bitcoin reached a new height of $8,100, which was a staggering increase of about 30% in a few days.
But the run came to a stop after two days when the price tumbled back to $7,650 mark, after which it steadily claimed its original amount of the previous two days.
Bitcoin now has managed to climb back and is continuing to do so, and the predictions by followers and enthusiasts are showing that Bitcoin will have a steep growth in this year itself, and it is inevitable.
The following reasons and predictions put forth as the leading reason why Bitcoin will follow the prediction and might hit six figures very soon.
1. Upcoming Bitcoin Halving
The most awaited Bitcoin Halving occurring in May 2020 is said to be the top reason for the present Bull Run of the Bitcoin, the idea is said to be a saddle of proof why Bitcoin is tearing the previous levels.
2. Conflict Diamonds
The recent conflict between the USA and Iran has had a direct or indirect reason why Bitcoin has been growing since then.
Since the world economy decreased during the battle, many investors being scared that the economy would fall turned to the digital currency, this investment could have triggered the bull run.
3. New Year, New Investment
Many of the investors start investment during the start of the year, and Bitcoin is yet a new investment for many. It is a possible reason that many have invested in Bitcoin, mostly in the second week have triggered the Bull run.
4. Rise of mining activity
Yes, this is the most sought out reason, there has been a tremendous rise in the mining of cryptocurrency, and this is a very supportive reason why Bitcoin is growing exponentially.
The idea of digital currency is appealing to many and is reaching everyone, which hence explains the rise in Bitcoin users. These are the top reasons why Bitcoin has exponential growth. Other factors are also summing up to push Bitcoin to reach newer heights.