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For the umpteenth time this month, Bitcoin price failed to hold above the $10,000 resistance on June 10th.
Prominent investors in the cryptocurrency space, however, remain bullish on BTC due to a confluence of macroeconomic factors.
They say that in 2020, there’s a high likelihood Bitcoin revisits its all-time high price of $20,000.
A rally to $20,000 would mark a 112% rally from the current BTC price of $9,400.
Morgan Creek Digital partner Jason Williams believes that Bitcoin will hit $20,000 by October.
He argued in a recent tweet that such a performance would be “World Class” in such a relatively short time frame.
This is a slight adjustment made to a forecast of $20,000 by September that the crypto fund manager shared with the International Business Times in May.
“20k bitcoin by October. 2x is World Class in this timeframe. Remember that. I can’t stop looking at the next 7 days.”
In the tweet, the prominent Bitcoin investor didn’t elaborate on what evidence there is to back this prediction.
Yet in previous interviews, he has alluded to why he expects BTC to rally upwards of 100% in the coming four to five months.
Speaking to Thinking Crypto in May, Williams shared his opinion with the interviewer that he believes that the cryptocurrency industry is in a similar position to the internet/digital industry in the mid-1990s.
That’s to say, Bitcoin has a vast amount of upside in the coming years, potentially making $20,000 just the start of a larger rally.
Williams’ partners Mark Yusko and Anthony Pompliano are arguably even more bullish.
The other Morgan Creek Digital co-founders see the confluence of massive money printing by central banks and the block reward halving as “rocket fuel” for BTC.
Williams is not the only investor in the industry expecting a $20,000 Bitcoin in 2020.
BitMEX’s chief executive, Arthur Hayes recently said that his “end of 2020 price target remains $20,000.”
He argued in a March newsletter that central banks will dramatically bolster BTC’s value proposition, driving prices higher as investors acknowledge that.
Dan Morehead of Pantera Capital echoed this to a T, writing in a March newsletter that in a world where the value of fiat money is being constantly debased, the scarce Bitcoin stands to benefit:
“Now that we’re in the trillions, the deficit just simply has to have a positive impact on the price of things not quantitatively-easable — stocks, real estate, cryptocurrency relative to the price of money.
Said another way, the BTC/USD cross-currency rate will rise.
The price of bitcoin may set a new record in the next twelve months.”
In other trending Bitcoin news today:
Bitcoin Will Soon See the Exact Same Signal That Marked the Start of a 4,000% Rally
A prominent trader shared the chart below on June 13th, showing that Bitcoin’s two-week relative strength index (RSI) is about to break past a downtrend formed in the wake of the rally to $20,000.
This is important as the last time the two-week RSI looked as it did now was at the start of BTC’s previous bull run, prior to a ~4,000% move from ~$500 to $20,000.
The RSI breakout isn’t the only trend that has analysts believing that the start of a macro uptrend is on the horizon.
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Show Notes / Resources:
Another Top Investor Expects the Bitcoin Price to Erupt to $20,000 in 2020
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