Bitcoin (BTC) Will Reportedly Hit An All-Time High Next Year
There have been a lot of optimistic crypto predictions this year, despite the massive volatility in the crypto market.
Bitcoin is struggling to recover following the recent falls in price.
At the moment of writing this article, the most important coin in the market is trading in the red and the coin is priced at $7,145.45.
Optimistic predictions for 2020
Now, the crypto-focused investment company called Blockchain Capital released a retrospective on the crypto market in 2019 and a set of really bold crypto predictions for the year to come.
“The crypto asset market recovered in 2019, up 〜56% as of 11/30. Major Major token themes include the continued dominance of Tether among stablecoins and the rise, and subsequent, fall of IEOs,” the notes say.
The report continues and details that “Conviction in Bitcoin grew as the narrative shifted from store of value to potential ‘safe haven asset.’ Ethereum held its position as the leading smart contract platform, with ‘Decentralized Finance (DeFi)’ emerging as the strongest use case.”
The report also cites Ethereum besides BTC as one of the biggest drivers of the broader market recovery.
For the 2020 predictions, the company said that BTC will reach its all-time high of about $20k which was hit back in 2017.
2020 Prediction Highlights
The online publication the Daily Hodl cites some predictions for the next year from the report mentioned above. Here they are:
- Target amount for capital locked in DeFi: $5 billion
- Libra gets approved to launch a dollar-backed stablecoin due to increasing competition from China
- Bitcoin bull and entrepreneur John McAfee is wrong about BTC hitting $1 million
- Major crypto exchange steer clear of privacy coins, de-listing them
We recommend that you check out the complete report in order to learn all the details.
It’s been revealed recently that the CEO of Morgan Creek Capital management said that he believes that BTC’s fundamentals will fuel explosive growth for the digital asset next year.
Eduard Watson Author
An experienced finance writer for more than 10 years, active industry watcher, and gadget enthusiast.