Bitcoin Bulls Are Looking Forward To New Highs In 2020 – Potential Reasons For The Recent Bull Run
Bitcoin smashed through $10,000 for the first time in five months. The coin’s price is up by 40% since the beginning of 2020, and it smashed this key level to as high as $10,127 on Bitstamp.
Potential reasons for the Bitcoin race
This sudden jump in price comes as the traders and investors are getting ready for the May Bitcoin halving event. This will see the number of BTC rewarded to miners cut by half.
Forbes reminds readers, “In May, the coin reward for mining new bitcoin blocks is scheduled to drop from 12.5 bitcoin to 6.25 bitcoin–cutting the supply of new bitcoin coming onto the market by half.”
Anthony Pompliano hopped on Twitter to point out the massive achievement. Pomp is bullish, and he predicts that BTC will be hitting $100k by 2022.
“Bitcoin just hit $10,000. I still think that Bitcoin will hit $100,000 by the end of December 2021. Fixed supply. Increasing demand. Time will tell.”
People in the crypto community are extremely excited, saying that such a moment in which BTC hits this important psychological level should not be underestimated.
Bitcoin just hit $10,000.
I still think that Bitcoin will hit $100,000 by end of December 2021.
Fixed supply. Increasing demand. Time will tell. #Bitcoin
— Pomp 🌪 (@APompliano) February 9, 2020
Not everyone is so optimistic, and for instance, a naysayer said the following:
“Bitcoin is still tyrannical in repo gov and massively wasteful of power, slow, and annoying for adopted users to use. The Chinese are buying BTC in bulk to dump for USD to invest in West. They will dump again just like they did at $19.4k on all the exchanges, (then mt gox dump).”
Other important factors that triggered the recent surge in price for BTC include the worldwide hysteria caused by the coronavirus.
Bitcoin is seen as a safe haven, so more people started to invest.
Retailers’ interest in the digital assets is another factor that has been pumping the price.
At the moment of writing this article, BTC is trading in the green, and the most important coin is priced at $10,069.78.
New highs are expected this year for Bitcoin.
CoinMarketCap is a website that provides cryptocurrency market cap rankings, charts, and more. It was purchased by Binance for $400M in 2020.
Andreas Townsend Author
I am a technical writer, author and blogger since 2005. An industry watcher that stays on top of the latest features, extremely passionate about finance news and everything related to crypto.