Bhushan is a FinTech enthusiast and holds a good flair in understanding financial markets. His interest in economics and finance draw his attention towards the new emerging Blockchain Technology and Cryptocurrency markets. He is continuously in a learning process and keeps himself motivated by sharing his acquired knowledge. In free time he reads thriller fictions novels and sometimes explore his culinary skills.
As yesterday Bitcoin broke through $10,000. Pompliano confirms his Bitcoin price prediction for 2020. He believes BTC is moving higher to reach $100K in December 2021.
On Sunday, February 9, Bitcoin price crossed its psychological barrier of $10,000 levels. The entire crypto community started rooting for Bitcoin to touch a new all-time high.
At the current price, Bitcoin is 40% up since the beginning of 2020. At press time, Bitcoin is trading at a price of $9852 with a market cap of $179 billion. However, analysts are already expecting that in 2020, Bitcoin is likely to break its previous all-time high of $20,000.
Bitcoin Price Prediction 2020: New Highs
Some popular personalities from the crypto world have set new expectations from the world’s largest cryptocurrency. Anthony Pompliano from Morgan Creek Capital thinks that BTC will touch $100,000 by the end of 2021. Pompliano’s assumption stems from the fact that the limited BTC supply will push the prices higher as demand grows.
In his Twitter post, Pompliano made a new prediction.
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
Bitcoin’s latest move above $10,000 has got many other analysts talking as well! Commenting on this, crypto analyst Willy Woo said: “This breakout is the real deal. Fundamental investment activity is backing this $10k breakout.”
— Arthur Hayes (@CryptoHayes) February 9, 2020
Well, predicting Bitcoin price has always been a dicey game for analysts considering its volatile behavior. So, instead of predicting the Bitcoin price, Binance CEO Changpeng Zhao asked his followers what do they predict the next BTC All-time High to be.
Any guesses what the next ATH for #BTC will be?
(Technically, it will be $20001, but not that. Meant the ATH before a reasonable retrace)
Will bookmark the tweet for later reference.
— CZ Binance 🔶🔶🔶 (@cz_binance) February 9, 2020
Zhao also explained that anything above the previous high could be the new ATH. However, he is expecting predictions before the BTC price will retrace like the last time. Soon, a trader Michael van de Poppe stated that the Bitcoin price can go as high as $300,000.
Factors Supporting the Bitcoin Price Rise
Bitcoin price jump since the beginning of 2020 is the outcome of several reasons. Initially, the escalating tensions between the U.S. and Iran caused investors to pull their money from the traditional markets and park it in crypto.
Later on, the coronavirus outbreak in China is another reason giving the BTC price a major push ahead. Well, things turned out that Bitcoin’s correlation to gold recently turned positive showing that Bitcoin is in strong competition with gold as a store of value.
Furthermore, in the last week, BTC whales moved $2.4 billion worth BTC tokens resulting in a sudden increase in its price. Overall, the optimism surrounding Bitcoin seems high at this point which is likely to trigger northward momentum from the existing levels.