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- 2017 had been the ideal year for Bitcoin. This undoubtedly is one fact that adds to the success of this coin.
- It has become a matter to wonder if the same trend will repeat in the upcoming months this year.
- Luno chief executive has his say that there exists a hope for a steady increase in the Bitcoin price.
After many impediments came in the way of Bitcoin this year, it now appears to have revived back. It has come-off much stronger and is on the track of great recovery. This has led many enthusiasts and traders to believe that this year can become similar to “2017.”
There is a possibility Bitcoin will knock it’s All-Time High in 2020
2017 had been the ideal year for Bitcoin. This undoubtedly is one fact that adds to the success of this coin. The king crypto hit a near $20,000, marking an all-time high. Preceding this event, that year Bitcoin faced consistency in gains accounting to thousands.
It has become a matter to wonder if the same trend will repeat in the upcoming months this year.
Paul Donavan, UBS chief economist, thinks bitcoin can make a new record with uncertainty prevailing. While analysts and traders put efforts to make sense of things, bitcoin will pave itself a way to the top. He elucidates that economists are currently dealing with three types of uncertainties. Uncertainty regarding the virus, the policy response, and lastly the economic response to both virus and policy. He points out that changes in any of these three can change the overall economic outcomes.
Halving Event of Bitcoin is highly awaited
Mati Greenspan, Quantum Economics founder states people have started to put money into bitcoin and crypto over a few weeks. This is in response to the fear of further COVID-19 spread. He says bitcoin is expected to make a major comeback sooner. Besides, high anticipation of its Halving event in May is nothing ordinary. He believes there is no reason for Bitcoin not to outperform at times where its halving event is looked forward to. Bitcoin has so far been the best performing asset he added.
Isle of Man’s Coin Corner chief executive, Danny Scott is optimistic about Bitcoin hitting its all-time high of $20,000 again. Regarding the same he stated that the COVID-19 crisis has caused speculation throughout the industry. He believes the price of Bitcoin owns the potential to reach a figure around $20,000 and more.
Also, the king crypto is not the only asset showing signs of recovery. Stocks have recovered their recent losses. Meanwhile oil too is on the track of a serious recovery.
Marcus Swanepoel, Luno chief executive has his say that there exists a hope for a steady increase in the Bitcoin price. Considering the range of quantitative ease flooding into the markets.
