Yoni Assia, founder and CEO of the social investment network, eToro, has affirmed that bitcoin might take longer to attain its ATH again.
Yoni Assia Voices An Unpopular Opinion On Bitcoin Price
Saturday, in what he described as an “unpopular opinion on bitcoin”, Yoni Assia took to Twitter to confirm that though bitcoin will eventually touch its ATH again, this might not happen for the next 300 days at least. This also makes Yoni one of those influencers who believe the year 2020 will be bullish for bitcoin.
— Yoni Assia (@yoniassia) September 21, 2019
Backing up his “unpopular prediction” by a price chart that shows percentage change in bitcoin price from the start of the bear market to days since the start of the bear market, Assia has deduced that the current bear market is expected to take longer – at least 300 days, which implies that Bitcoin will see its new ATH sometime in the second half of 2020.
Bitcoin Awaits Better Days
Bitcoin has been a trending topic lately all across the globe. The reasons for the same are many – May 2020 bitcoin reward halving, imbalance in the current financial ecosystems which has resulted in fiat devaluation and reduction interest rates, the flow of institutional money into the cryptocurrency space with the upcoming Bakkt launch on the 23rd of September. Presently, the crypto community is busy speculating on how bitcoin will behave upon the launch of Bakkt – the much awaited bitcoin futures exchange from Intercontinal Exchange (ICE), the creator of New York Stock Exchange (NYSE). According to a bitcoin analyst,
First move on #bakkt will be fake.
If it shoots up, it will dump.
It it shoots down, it will pump.
This isn't trading advice. Just tweeting so I can take credit after.
— Dennahz (@Dennahz) September 21, 2019
Many analysts are joining the league of those who believe that bitcoin is the best performing asset of the decade and should already be seeing global adoption. While there are various figures from a lowly $50,000 hope before the end of the year, to a gallant $1 million before the end of 2020, Yoni’s opinion adds to the bullish predictions already presented for bitcoin. At least, John McAfee would hope for the latter to materialize for his genitals to be left intact by new year eve, 2020.
Bitcoub's low of $1,800+ yesterday simply could not be maintained. In the long term Bitcoin moves above $500,000 within three years. Bets?
— John McAfee (@officialmcafee) July 17, 2017
Bitcoin has been moving cautiously over the past few days. It has traded within the $10,400 to $9,800 range in the last 7 days. Although Bitcoin recently failed the support level at $10k, it immediately bounced back above $10,000 with the next couple of hours on September 19. At the moment, the top cryptocurrency is trading at $10,017.49, down nearly 2% within the last 24 hours. At the moment, bitcoin dominance is at 67.53%.
How, do you think, will Bitcoin react to the launch of Bakkt? Also, where do you see Bitcoin by the end of 2020? Share your views with us in the comments below!
Disclaimer The views, opinions, positions or strategies expressed by the authors and those providing comments are theirs alone, and do not necessarily reflect the views, opinions, positions or strategies of CoinGape. Do your market research before investing in cryptocurrencies. The author or publication does not hold any responsibility for your personal financial loss.
Staff writer at Coingape. Certified cryptocurrency expert and Blockchain journalist covering crypto market analysis and general Blockchain adoption and development.
You can follow me on Twitter at @ShonubiDare or reach out to me at dare[at]coingape.com