Su Zhu, the CEO of Three Arrows Capital, the Singapore-based fund manager that focuses on superior risk-adjusted returns, may be one of the few last standing Bitcoin bulls. At a time when the market is gripped by fear and uncertainty, Zhu is optimistic that Bitcoin will drop to lows of $6,500 in 2020 before snapping back to $27,000, blasting past 2017 highs of $20,000.
Bitcoin will recover in 2020
An encouraging assessment, Zhu was responding to a survey conducted by a Twitter user, Whale Panda.
BTC low: 6.5k
BTC high: 27.7k
Top10: BTC ETH XRP DOT XTZ LTC BCH ATOM EOS ETC
Biggest surprise: BTC 1m implied volatility reaches 200 at some pt in the year https://t.co/sajhxISHSc
— Su Zhu (@zhusu) December 12, 2019
Whale Panda is also expectant and in his analysis, not only expects Bitcoin to print lows of $7,600 but the coin will snap back from the current drab performance and soar to $21,000. A conservative mark since most leading analysts and influencers like Tom Lee and John McAfee expect BTC trade around the $250,000 and even $1 million mark by 2021.
At the same time, Whale Panda predicts that Tezos will blow past Bitcoin Cash and flip XRP to third most valuable coin by market cap.
BTC Low: $7600
BTC High: $21000
Top 5 by marketcap EOY 2020: BTC, ETH, Tezos, XRP, LTC
Biggest winner: BTC (marketcap) Tezos (%-wise)
Biggest loser: BCH (halving gonna hurt it even more)
Biggest surprise: CSW ends up in jail.
— WhalePanda (@WhalePanda) December 12, 2019
In his assessment, LTC will be more valuable than Bitcoin Cash, Binance Coin (BNB) and Cardano. Controversially, he also says Craig Wright, nChain’s Chief Scientist and the chief proponent of Bitcoin SV, will end up in jail in 2020.
Tezos and ETC to the Top 10
There seems to be a consensus that Tezos will be a coin to watch out going forward. The coin, XTZ, is a top performer in the top 20, adding an impressive 316% year-to-date. Trading at $1.70, XTZ has a market cap of $1.1 billion from a circulating supply of 660 million XTZ.
Zhu’s view is that while XTZ impressive performance will spill over to 2020, the coin will not make a cut into the top 5. Instead, like ETC which is currently planning for Agharta, a hard fork that further improves it interoperability with Ethereum, will have a slot in the top 10. Currently, ETC is changing hands at $3.82 and perched on 23rd.
BTC HODLers will be punished
Nonetheless, Zhu’s projection contradicts that of a leading crypto analyst. According to Magic’s analysis, BTC bears are firm and in control. HODLers, he adds, will be punished for their blind faith going forward. Ranting, he said:
“HODLers are constantly spewing delusional reasoning and blatant objection to reality, just because they’re emotionally and ideologically invested. Blind faith is like a virus that has brainwashed the entire crypto community, and it will be punished until that blind faith is gone.”
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Dalmas is a very active cryptocurrency content creator and highly regarded technical analyst. He’s passionate about blockchain technology and the futuristic potential of cryptocurrencies and enjoys the opportunity to help educate bitcoin enthusiasts through his writing insights and coin price chart analysis. Follow him at @dalmas_ngetich