Bitcoin’s price predictions for 2020 are coming in fast from various analysts as the year comes to a close. The top cryptocurrency has witnessed a rocky 2019 – starting off at $3,500 USD, rising to a yearly high of $14,000 USD before retracing over 40% to current levels. Alistair Milne, CIO at Altana Digital Currency Fund, believes the volatile nature of BTC may stretch into the new decade offering a $14K prediction before the expected halving in May 2020 and a possible ATH breach by the end of the year. Are bulls ready for the challenge?
“Bitcoin at $14,000 before May 2020”
In a thread of tweets, Alistair offered a list of predictions on the cryptocurrency market in the coming year which includes BTC’s possible breach of 2019 high – before the halving. Tweeting his predictions, Milne wrote,
“Bitcoin gets close to 14k pre-halving, dumps near halving & then tests ATH towards end of year.” – Alistair Milne
Bitcoin featured in Coingape’s “Top cryptocurrencies in 2019” after an impressive 100% increase in the past 362 days to trade at $7,200 USD. The coin topped out in late June during the mini bullish run to $13,800 USD before retracing to current key support levels at $7,200 USD.
The growth in Bitcoin’s price will however surpass that of altcoins –similar to 2019’s storyline – according to Milne, who believes BTC’s dominance will breach 80% in 2020.
– Bitcoin dominance gets close to 80% (excl. stablecoins)
– Tether breaks $10billion AUM
– KYC/AML requirements on all major derivative exchanges
– Major bank launches crypto-custody (maybe through acquisition)
— Alistair Milne (@alistairmilne) December 27, 2019
Cryptocurrency market in 2020
Moreover, Alistair believes ‘Facebook coin’ alias Libra will not launch next year as planned given the continuous trouble from regulators. The coin was recently bashed by the Swiss president, Ueli Maurer, who said the digital asset is a failure given its handpicked basket of currencies. While the Facebook backed stablecoin is on Milne’s wrong prediction ball, he said a major bank will gain regulatory permission to acquire a crypto custody firm.
While the market remains open to move in any direction after testing the key support levels for the past fortnight, the first few weeks in 2020 will give a clear direction on the actual move. Nonetheless, the upcoming halving maybe a bullish indicator as seen by Litecoin (LTC) pre-halving pump earlier in the year.