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.
$BTC Bitcoin Can Gain 100% in 2020 — Halving Not Priced In, Says Fundstrat https://t.co/WVjvgI8K4J pic.twitter.com/TIyOXB8fTv — BitcoinProfits (@profits_bitcoin) January 11, 2020
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.
We published our 2020 Crypto outlook and made the full report available for our clients. – bottom line: financial markets tend to discount 1-3 months, and maybe 6 months (max). So highest probability is halvening not priced in Cc: https://t.co/YRDQQ7TSzv $BTC #bitcoin #BTFD pic.twitter.com/i6sOIVQoc0 — Thomas Lee (@fundstrat) January 10, 2020
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.
The Bitcoin halving is not priced in. — Pomp 🌪 (@APompliano) November 10, 2019