Three basic factors can trigger the bull market for Bitcoin in 2020

Three basic factors can trigger the bull market for Bitcoin in 2020

Bitcoin over the past 6 months has gone through a period of value adjustment and many analysts believe that this asset has reached its bottom. The fundamental analysis is supportive of the prediction about an upcoming rally for BTC.


Bitcoin over the past six months has gone through a period of value adjustment, and many analysts believe the asset has reached its bottom, with Bitcoin now gaining almost 2 percent in a day and hitting resistance at. cost $ 7,480 a few hours ago. This really is thought to be due to U.S. military actions against Iran, but the long-term picture of BTC is still limited, and TTC surpassing the $ 8,000 threshold is a possibility. The following fundamental analysis could be a catalyst for a rally of BTC in 2020.
Hashrates continuously peak
As reported previously, the Bitcoin network hash rate has reached the highest number of all time, reaching 114.5 EH / s. This hash rate level is higher than the figure in the 2017 bubble, according to industry observers.
The #Bitcoin hash rate has hit a new all-time high of 119,354,000 Th / s.

This is 8x what the hash rate was back in 2017 at the $ 20,000 top.


This dispelled the notion that miners are leaving the ecosystem because the power of Bitcoin's network and security is working better than ever. Hashrates are not directly correlated with the price of this asset but this is a good sign that the performance of the Bitcoin network.
Bitcoin halving event
Recently, the press of the crypto industry has spent a lot of writing on the event that Bitcoin halving (Bitcoin halving supply) will take place in about 5 months. Some community members say this 4-year event could negatively impact miners' profitability and generally hash rate impact. It is suggested that the hypothesis of an effective market cannot be absolutely applicable to the type of cryptocurrency market. The fluctuations in the market are based on events taking place in the world every day.

Previous supply-side events have resulted in a general increase in market prices and there is not much reason for this halving event to be an exception. Bitcoin's cash flow and energy value models both show that uptrends are inevitable.
Safe haven property
Bitcoin is a safe haven asset, which is unquestionable when we look back on the events of 2019. Localbitcoins trading volume in countries that are experiencing economic instability, hyperinflation or tightening of capital flow in the past year such as Venezuela, Iran have shown a sharp increase. And it is certain that this trend will continue in 2020. The bank bailouts are rising sharply and interest rates are changing negatively, making many territories around the world continue to stimulate the increase of credit volume... Printing more money is the way that central banks in the world are taking, but this solution is completely unsustainable. The new generation does not want its money evaporated by banks as its predecessors did. and thus seeking safe shelters as decentralized assets to reserve for the future. And Bitcoin is the first choice in their portfolio.

Post a Comment

0 Comments