Bitcoin forecast for 2020

Judy Rubio

A forecast of the rate of cryptocurrency No. 1 is a hot topic among cryptocurrency enthusiasts, traders, investors. In this article, we will explore the statements of experts and well-known people in the field of cryptocurrency. We will also browse other factors that may affect the rate of the digital asset as well.

Bitcoin growth forecast

Experts expect Bitcoin to rise as high as:

  • $ 20,000. This forecast was made by Ronnie Moas (founder of Standpoint Research). He is sure that bitcoin will break the mark of 15 thousand dollars if the trading volume grows to 1.5% in the stock market. Some analysts believe that the figure can reach 5%.
  • $ 31,000. Daniel Harrison predicted the growth of bitcoin to $ 2,500 by 2017, now he is sure that in 2020 the coin will cost $ 31,000. He explains his position by an improvement of the attitude towards the coin. Now it is more than an asset for speculation, and investors ' interests in the crypto market are only growing.
  • $ 55,000. This prediction was made by Tom Lee of Fundstrat. According to him, the coin has all chances to become an alternative to gold soon.
  • $ 100,000. Harvard economist Dennis Porto believes that the value of bitcoin can soar to 100 thousand dollars in a year. In his opinion, every 8 months the price of the coin will double, following the "Moore's law".

Bitcoin growth factors

The price of the №1 cryptocurrency in the world is rising under the influence of such events:

  • Growing political and economic tensions in developing countries
  • Increase in the number of bitcoin users in recent years
  • The minimum fee for making a transaction
  • Increasing number of smartphone owners using cryptocurrency to pay for goods and services
  • High liquidity

Why the price of bitcoin may fall

Although many analysts in the cryptocurrency world predict a bright future and impressive growth for bitcoin, some experts do not share such optimism. It is important to take into account the negative factors. Only in this case, it is possible to objectively assess the situation.

The following events and facts can affect the decline in the price of bitcoin:

  • Government intervention. State interests are not yet strongly affected by the development of cryptocurrencies. If regulators begin to actively introduce bans on digital coins, like China, it will have a negative effect on the rate of Bitcoin.
  • Obsolescence. Without a doubt, bitcoin is considered to be one of the most reliable cryptocurrencies. Though it is based on old technologies, since it is the very first digital coin. This is one of the reasons for the low bandwidth of the system, which forces to increase transaction fees.
  • High volatility. Bitcoin rate soars as quickly as it falls. This leads to the conclusion that there are manipulators on the market that speculate on the rate of cryptocurrency. This situation discourages large investors.

As you can see there are arguments for and against Bitcoin price increase in 2020. In fact no one knows exactly how much cryptocurrency # 1 will cost. Yet there are good reasons to believe that bitcoin will strengthen and gain momentum. Why not try to make money on it? Follow the latest news about cryptocurrencies on our portal in the "Top news" section to catch the rate movement in time.