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BitPay’s Sonny Singh has forecasted that Bitcoin will hit $20,000 in 2020 but not because of the upcoming halving as many experts believe. Singh has offered another vision.
If there’s one thing that is absolutely sure about the general Bitcoin community, it’s the bullishness. BitPay Chief Commercial Officer Sonny Singh has now added to this bullishness with a $20,000 Bitcoin prediction for 2020. Singh has joined a long list of industry enthusiasts who believe the sky is only the beginning for the world’s king coin.
$20,000 Prediction for Bitcoin in 2020
In a recent conversation with Bloomberg’s Taylor Riggs which took place on Wednesday, Singh spoke quite enthusiastically. He said:
“This year, I’m going to make a prediction. I think Bitcoin passes the all-time high and goes past $20,000 this year.”
Singh Has Made a Similar Bitcoin Prediction Before
In the interview, Singh said he made a prediction last year when Bitcoin was trading somewhere around $3,500. At the time, Singh said it would more than triple and hit $15,000. While it didn’t quite happen as Singh predicted, Bitcoin crossed $13,000 and was well on its way to $14,000 sometime around June last year. The BitPay exec’s enthusiasm from the almost-accurate prediction last year was obvious with the new one for $20,000 in 2020.
Why Is He So Bullish?
As earlier mentioned, most of the Bitcoin community is almost always bullish. However, there might be more reason to be bullish for Bitcoin in 2020 because of the upcoming halving. The halving is expected sometime in May and will see block rewards for miners cut by exactly 50%. This reduces the amount of Bitcoin supply which consequently pumps the price, as has happened with previous occurrences. Singh, however, has a different theory.
For him, the main catalyst for a Bitcoin pump this year would be any series of “unforeseen” events such as the ongoing clash between the U.S. and Iran. Singh said:
“A lot of people think it’s going to be because of the halving…but I think that’s already factored in. Bitcoin [instead] goes up high when the unforeseen things happen.”
According to Singh, last year’s unforeseen event was Facebook’s announcement of the Libra because “no one saw that coming and that really made [Bitcoin] go up fast.”
Elon Musk Sparks Bitcoin Community
Elon Musk has also joined the Bitcoin conversation. While it’s hard to tell whether or not the popular Tesla and SpaceX CEO is bullish, he definitely is thinking about Bitcoin.
Bitcoin is *not* my safe word
— Elon Musk (@elonmusk) January 10, 2020
In most cases the “safe word” is used with reference to sexual acts, making the tweet more confusing.
Way Forward for Bitcoin in 2020
Bitcoin is currently trading just above $7,840 event though it recently crossed $8,400. Key support seems to be holding at $7,777, which could bring good tidings if Bitcoin doesn’t fall below.
Just as Singh mentioned, unforeseen events such as the U.S.-Iraq tension holds key for Bitcoin’s trajectory. In the heat of the conflict, Bitcoin jumped. The jump, as most people agree, is certainly tied to viewing the asset as a safe haven. Surprisingly, that jump, In a very short time, was over $500. Gold, another asset seen as a good-enough alternative, also rose like Bitcoin. The yellow metal set new records not seen since 2013.
Now that the tensions seem to have seen some level of calm, both gold and Bitcoin have fallen again. The events cement Bitcoin’s position not just as a safe haven, but also as a rival to gold.