BITCOIN towards $ 100k

by Buyer Fatin 4 months ago in bitcoin

the next ascent

BITCOIN towards $ 100k

Fundstrat's Tom Lee was one of the protagonists of the Blockchain Economy 2020 event held last week in Istanbul, Turkey. Lee kept his argument, which lasted about half an hour, on the second day of the event.

Before investigating the reasons why Bitcoin (BTC) will record, according to Lee, a strong increase in 2020, the American analyst opened his speech starting from the popular comparison between Blockchain and the Internet:

"The most important generational change in the next twenty years will revolve around the financial sector revolution [...] And the most important of these technologies will be blockchain and cryptocurrencies."

Lee believes 2020 will be a great year for Bitcoin's price. During his speech, he repeatedly said that the crypto community should be very optimistic in 2020, "given that we are certainly at the beginning of a bull market at the moment". He then added:

"Bitcoin is the best-performing asset of 2019. It has beaten the return of the S&P 500, which has been the best in nearly 25 years."

The stock market in the United States has experienced a record year, yet Bitcoin has tripled that return. Additionally, 2019 was the fourth worst year in Bitcoin history. Lee then listed five reasons why Bitcoin would be ready to be the star of the bull market in 2020.

US presidential 2020

Political pressure against Bitcoin will be much lower in the United States. While Washington essentially killed last year's Bitcoin spike, the 2020 election will shift politicians' attention elsewhere, which is good for cryptocurrencies.

The halving

The factor that will most affect Bitcoin's price is halving: "I know there are controversies: people wonder if Bitcoin's halving will affect BTC's price. We think it will have a significant effect," said the co-founder. by Fundstrat.

Through one of the slides of his presentation, Lee noted that the demand for Bitcoin in 2020 will probably be higher than last year, while the supply will decrease due to the halving. This imbalance between supply and demand caused by halving could result in an increase of nearly $ 100 billion in the value of the Bitcoin network, Lee said.

"At the moment, the price of Bitcoin is around $ 10,000 and if [halving] follows the example of the other halves, it could be said that there is a great probability that Bitcoin will reach an all-time high this year."

US-Iranian geopolitical tensions

2020 started with the dispute between the United States and Iran, which will affect the Bitcoin price for the rest of the year. Geopolitical risks in fact increase the demand for safe haven assets like Bitcoin.

200-day moving average

In January, Bitcoin returned to above its 200-day moving average. "When an asset is traded above its 200-day moving average," explained Lee, "it is considered to be in an uptrend. This is especially true of Bitcoin." The numbers confirm that the trend looks a lot like 2012, he added.

"I think there is also the possibility that Bitcoin could reach around $ 30,000 this year."

Spread of Coronavirus

In line with nearly half of the cryptocurrency industry, Lee also believes that "the risk of a pandemic like coronavirus is increasing the demand for Bitcoin and other safe haven assets."

Will Bitcoin beat the Dow Jones?

Lee predicted that Bitcoin will hit 40,000 points before Dow Jones, after Dow Jones beat BTC to reach 30,000 first, as reported by Cointelegraph on February 11. Lee also believes that the 200-day moving average is a strong signal that paves the way for an all-time high by summer 2020.

Coronavirus: Paris Blockchain Week postponed in France

The ban imposed by the French government on large gatherings of people due to the coronavirus epidemic prompted the organizers of Paris Blockchain Week to postpone the event.

Coronavirus: Paris Blockchain WeekNOTIZIE postponed in France

According to an announcement on March 2, the Paris Blockchain Week Summit - initially scheduled for March 31 - April 1 - has been postponed to December 9-10.

The organizers have rescheduled the event because of recent guidelines issued by the French government that ban large gatherings of people, as they could increase the scale and severity of the coronavirus epidemic.

An important event for the sector

The announcement notes that the conference will proceed as planned and "the location, program and setup remain the same". In addition, the organizers have that more speakers will attend the event.

Many well-known names from the industry already appear on the list of speakers, such as the CEO and co-founder of Binance Changpeng Zhao, the French Finance Minister Bruno Le Maire, the founder and CEO of the blockchain company Parity Technologies Jutta Steiner, the CIO of Coinshares Meltem Demirors , the co-founder and CEO of Messari Ryan Selkis and the chief scientist of Brave Browser Ben Livshits.

The impact of Coronavirus on the cryptocurrency industry

The coronavirus epidemic has already had an important impact both in traditional finance and in the cryptocurrency sector. As reported by Cointelegraph in the past month, several conferences related to cryptocurrencies across Asia have been postponed in response to the regional spread of the virus. In addition, a Chinese mining farm was forced to close due to the epidemic.

This week, the U.S. cryptocurrency exchange Coinbase and the blockchain company Messari advised their employees to work from home. Coinbase also released a plan in view of the potential outbreak.

At the end of February, gold has recorded its biggest loss since 2014, giving way to the strong sell-offs that have also affected traditional markets.

Analyst Naeem Aslam and Tokenmetrics CEO Ian Balina recently discussed with Cointelegraph the overall impact of the virus on the cryptocurrency industry.

Buyer Fatin
Buyer Fatin
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