Wednesday, May 22, 2024

Bidding Adieu To 2019, Bitcoin Market All Set To Embrace 2020

In the world of cryptocurrency, the year 2019 was full of surprises, huge expectations, big announcements, grave disappointments, and great discoveries. Holding the breath and following the price predictions, it was a year of bullish performance in the market.

Take a look at some major Bitcoin happenings of the year:-

Bullish Bitcoin Hashrate Continues Climbing as Halving Approaches

When it comes to the Bitcoin market, the price fluctuation is the primary indicator of investor sentiment. Though at the end of 2018, the hash rate of Bitcoin dropped substantially till the beginning of 2019, the condition improved with the passing time. Hashrate is deemed as the indicator of Bitcoin adoption due to the cost of mining. The year was extremely unpredictable as it witnessed 80% down from its largest high of all time. BTC redeemed its value back after losing its value in dollars significantly. When the halving approaches, a strong hash rate is indicated as strong future price action. The miner activity clearly indicates that several miners have capitulated the price halving.

BTC Turns 100 Grams of Gold into Eight Tons

Since the beginning of the decade, the Bitcoin prices have been increased by 9 million percent which was declared as the best investment of the 2010s. Hindsight bagged a whopping $23.3 million selling the BTC brought in 2010 worth $100. The customers who have invested 100 grams of digital gold eventually had 7.2 million grams as of today’s rate. It is quite evident that Bitcoin saw some tremendous fluctuation and productivity gains in the previous decade. There are plenty of predictions regarding Bitcoin’s performance this year after its monstrous returns in the last decade.

Bitcoin All-Time High in 2020, Says Financial Analyst Bob Loukas

With the last year and the decade being highly significant for the Bitcoin market, financial analyst predicts that Bitcoin will touch its all-time high in the coming 2020. The prediction is quite straightforward and believable; as the investors will lose their equities in liquidation, they will eventually turn to stable assets such as Bitcoin. According to the famous financial analyst Bob Loukas, it will be the bull narrative that will trigger the Bitcoin prices in 2020. He stated that if the Bitcoin bull narrative is to be believed, we can witness BTC turning high for the next two months following a steady growth towards ATHs.

Mike Novogratz: Bitcoin Will Hit $12K in 2020

There have been several new year predictions made in the Bitcoin market. And a majority of them are focused on its stated fast growth. The co-founder of Galaxy Digital, Mike Novogratz, gave out a remarkable prediction that BTC will touch $12K this year. Mike had mixed opinions regarding 2019’s Bitcoin prediction and he only said that the bullish performance will continue. He is affirmative and enthusiastic about the major changes about to happen in the Bitcoin world this year. It is not only Mike who believes in such magnanimous transformation in BTC, plenty of industry experts are also sure about this valuation.

Must Read: 5 altcoins which top Bitcoin in 2020

2020: A Crucial Year For Bitcoin

From clients, experts to miners everyone who is involved in the Bitcoin market by any means is eyeing the transformations yet to happen this year. With 2019 being bullish altogether, everyone has high hopes with 2010, and why not? There have been some radical predictions made by experts that pave the way for productive gains.

Monesh Kumar
Monesh Kumar
Monesh Kumar is a cryptocurrency and blockchain enthusiast. He trades cryptocurrencies and holds some but he prefers holding Bitcoin, Ethereum & Cardano.

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