Bitcoin (BTC) can deliver 100% returns to investors in 2020 and may rise significantly in the five months until May’s block reward halving, a new report claims.
In its forthcoming 2020 Crypto Outlook, Fundstrat Global Advisors, the market research firm, said it believed that the halving was not yet “priced into” the Bitcoin price.
However, the report is currently only available to the firm’s clients, with key findings uploaded on Twitter by Tom Lee, the Co-founder of Fundstrat on January 10.
An excerpt states:
“For 2020, we see several positive convergences that enhance the use case and also the economic model for crypto and Bitcoin — thus, we believe Bitcoin and crypto total return should exceed that of 2019.”
“In other words, we see strong probability that Bitcoin gains >100% in 2020.”
It has been analyzed that the factors Lee and others identified to focus on geopolitical tensions and the upcoming United States presidential elections, in addition to the halving.
Moreover, Fundstrat took its cue from events last year, noting BTC/USD hit its high point amid tensions around Facebook’s Libra digital currency and negative comments on Bitcoin by President Donald Trump.
As it has been reported, geopolitical factors form the basis for other commentators’ bullish Bitcoin price scenarios for this year.
However, as regards the impact of the halving, pundits are less united. Last month, Jason Williams, the Co-founder at Morgan Creek Digital, the digital asset fund, said that May would prove to be a “non-event” for Bitcoin.
Thus, Williams appeared to contradict Anthony Pompliano, the fellow Co-founder, who, a month previously, had claimed that even at $8,750, Bitcoin was yet to have the halving priced in.
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