An unforeseen will bring Bitcoin above USD 20,000
Sonny Singh, predicts that the next Bitcoin rally could exceed its all-time high in 2020; due to unforeseen events that attract new buyers.
In an interview conducted by Bloomberg to Sonny Singh, Director of Marketing at BitPay, it states that BTC prices could exceed USD 20,000 during 2020. The forecast is made by Singh, based on historical increases in value, where it can be seen that they respond to unforeseen events.
Some of the unforeseen events that have promoted the value of the BTC are, in 2015 the economic and financial crisis suffered by Greece, then in 2019 the announcement by Facebook of wanting to market the Pound. In addition to regulators’ announcements and Xi Jinping’s message in October, they promoted the value towards an uptrend of the BTC.
Recent rise in Bitcoin is attributed to the escalation of tension Iran and the USA
Many analysts argue that the latest increases in the price of the BTC, are due to the tense situation between Iran and the US; They point out that it may be because Bitcoin does not obey centralized decisions by any state, much less situations linked to geopolitical problems.
This conflict, which raised the value by 20%, can be defined as the result of a few buyers seeking to protect their capital, but that at no time can be defined as a trend that will last over time. It is simply the result of something circumstantial for a group of investors.
“I see that what happens is that only a little people start buying Bitcoin and that, with technical trading, really increases it and makes it go much higher, much faster,” said Singh.
The BitPay marketing director, predicted almost successfully the behavior of Bitcoin, when he predicted that it would lower USD 3,100 in 2018 and when he anticipated that it would reach USD 13,800 in 2019. Now, bet that Bitcoin reaches USD 20,000, but as a result of events unforeseen and not directly related to cryptocurrency. But their relationship will make sense when observing the need to secure capital from investors, as happened with the Iranians.
Last year we witnessed the important support position, which Xi Jinping gave in relation to the blockchain. Similar reactions are expected this year from the strongest economies in the world, trying to join the imminent advancement of this technology.
The entry of new cryptocurrencies driven by major companies such as Facebook; as well as the Bitcoin laws adopted by countries such as China, Russia or India, can drive a rapid growth in the value of the BTC. China has already announced its interest in commercializing the digital Yuan through the People’s Bank of China.
For their part, some senior officials of the US government. They have been demanding that the Federal Reserve Bank start working on the creation of a cryptocurrency, which puts them on a par with China in the economic career.
Disclaimer: This press release is for informational purposes information does not constitute investment advice or an offer to invest. The views expressed in this article are those of the author and do not necessarily represent the views of infocoin, and should not be attributed to, Infocoin.