The year 2020 has been predicted to be a bullish year for Bitcoin. More specifically, the first half of the year is tipped to be largely bullish. What triggers can offer the needed boost to see Bitcoin reach halfway through the year soaring?
For starters, the May Bitcoin reward halving. This event has historically seen Bitcoin soar exponentially. In the upcoming halving, the crypto community expects the same to repeat. Predictions of where prices reach before and/or after the halving range from $10,000 to $100,000. The halving is the most obvious catalyst of the year with the crypto community betting on history repeating. As we reported, Bitmain, the leading Bitcoin mining equipment manufacturer announced changes to its sale strategies for the year. The new strategy takes a large bet on Bitcoin soaring with the halving.
World Economic Instability
The next catalyst that will see Bitcoin soar in the first half of the year is the change in macroeconomic fundamentals. In 2019, we saw world economies rock. This year a number of them are expected to crumble which will boost Bitcoin greatly. One of those rocky situations is Brexit which takes place in the next couple of weeks. Britain is set to leave the EU, something that has dragged on for years, at the end of the month. If not properly done, it could shake the British and EU economy.
Additionally, the ongoing trade war between the U.S and China is another great catalyst. Although US President Donald Trump has announced that there will be a trade deal in phases beginning mid-Jan, historically, he has ended up pulling out and escalating the fight. It remains of popular opinion by experts that both countries are desperate to come out as the winner in the war which makes a deal unlikely in the near future. Notably, if this continues to escalate, Bitcoin will enjoy immensely.
More Bullish 2020 Catalysts For Bitcoin
Other possible catalysts include more friendly crypto regulations. On top of this, the embrace of the technology as witnessed at the end of 2019 by China. A Bitcoin ETF is also a possibility in 2020 as the asset has shown great price stability in 2019 and interest and adoption continues to grow. Lastly, the network is multiple times stronger now than it was when Bitcoin reached its all-time high of $20K in 2017. In 2020, prices could catch up and also reach and surpass all-time highs.