Bitcoin price set for a massive surge in 2020, report

Bitcoin price set for a massive surge in 2020, report

Another possible explanation behind Bitcoin price set out to hit all-time highs yet again this year is a decline in the volatility.

Increasing gold prices are also likely to favor bitcoin's price this year, according to McGlone.

He also claims that in 2020, Bitcoin price is likely to incline towards its 2019 record-high amount of fourteen thousand USA dollars ($14,000) and wouldn't trade below the trough set at three thousand three hundred USA dollars ($3300).

Indeed, bitcoin was one of the best-performing assets of past year, and we can expect to see its investment appeal strengthen as it becomes renowned for being a safe haven asset during times of increased geopolitical turmoil.

This most recent bitcoin price hike accentuates a rising consensus that the world's largest cryptocurrency is becoming a flight-to-safety asset.

Its graphics suggest, it adds, a stall in the supply of new coins at the end of 2018 coincided with a bottom on the MVIS CryptoCompare Digital Assets 100 Small-Cap Index, a market cap-weighted index tracking the performance of the 50 smallest digital assets in the MVIS CryptoCompare Digital Assets 100 Index. That is the opinion of Nigel Green, the chief executive and founder of deVere Group, one of the world's largest independent financial services and advisory organisations.

He continues: "With an escalation in geopolitical turbulence, which typically unsettles traditional markets, it can be expected that a growing number of investors will decide to increase their exposure to decentralized, non-sovereign, secure currencies, such as Bitcoin, to help protect them from the turmoil". However, geopolitical tensions do have a positive price impact as was evidenced with the US/China trade war.

The concerns surrounding the geopolitical issues, such as the U.S-Iran tensions, amongst others, could potentially lead to more institutional and retail investors diversifying their portfolios and hedging against such risks by opting to invest in cryptocurrencies.

Others include Scott Freeman, Kyle Samani, Eric Turner, who think that Bitcoin's halving effect is already priced in the market and therefore isn't likely to have much effect on the crypto's price when it finally happens.

"Bitcoin was one of the best-performing assets of 2019 and we can expect to see its investment appeal further strengthen as it becomes known as a safe-haven asset during periods of heightened geopolitical tensions".

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