Sonny Singh for BitPay has given a new prediction for BTC. He says that the coin will go past $20,000 this year. This year’s Bitcoin catalyst rally will not be halving. It has also come to light that BTC is controlled by hidden events.
Bitcoin Going Back To Its Glory Days
It is exactly two years since BTC hit a high price of $20,000. 2018 was described in the crypto space as a year-long dry spell. Last year brought certain hopes but, unfortunately, fell short at $13,000. It now appears like a distant reality to see BTC back to its glory days. But to some market officials, this is not the case. a chief commercial officer of a BTC payment service thinks BTC is heading for an increase.
Sonny Singh’s Sentiments
Singh is the commercial officer of Atlanta-based BTC payment service. While speaking to Bloomberg Technology, BitPay’s official gave a new prediction for this top coin. He says that Bitcoin will be back to its December 2017 high price. He had previously made similar predictions. At one point, he said that the coin would hit $15,000. True to his word, the coin came close to that.
The Catalyst For The Year
Singh also had to talk about what will be the catalyst for 2020’s move. According to him, it is not going to be the halving like most people have believed. Singh states that the halving process has already been factored in. As the main driver for a Bitcoin rally, the unexpected events might be the catalyst. He also talked about the announcement of Libra crypto by Facebook. Singh says that this is one example that pushed Bitcoin higher in the year that has just ended.
More Scenarios To Look Out For
In 2020, the BTC analyst has identified some key scenarios. One of the scenarios is the fact that certain countries have legalized the cryptocurrency. They include India, Russia, and China. The other factor is the main competitors for the Libra coin. He also cited other unforeseen scenarios that could help in propping up the price of Bitcoin. The matter of Bitcoin correlation to macro events was also touched. The leading crypto appears to grow up when there are economic uncertainties in the market. This has strengthened the case for Bitcoin as one of the best assets.
Attack On Global Attacks
On Wednesday, 8th January 2020, a report of a looming war was reported. Iran attacked the US bases in Iraq. As a result of this, global stocks went down. However, BTC still traded higher and moved past the $8,000 price mark. Bitcoin even appreciated as recent as yesterday. This is the kind of move that even gold makes when it is in such stressful and pressing market situations.