- The leading cryptocurrency briefly touched the $9k mark earlier this month which has sparked a lot of hope and excitement investors and traders hearts.
- Such a strong drop came on 23rd January and resulted in a 4.4 per cent drop in what seems to be the bears coming back for revenge.
The leading cryptocurrency briefly touched the $9k mark earlier this month which has sparked a lot of hope and excitement into investors and traders hearts. Following this, the biggest cryptocurrency consolidated. Such a strong drop came on 23rd January and resulted in a 4.4 per cent drop in what seems to be the bears coming back for revenge.
Despite this, the main man and face of Fundstrat doesn’t seem all that bothered. Speaking in a recent segment on CNBC’s Fast Money show, Tom Lee explained the key events surrounding bitcoin in 2020 and how they will have a positive impact on the currency.
One of the biggest events that Lee mentioned was the bitcoin halving which is to take place in May this year. He identified that this would create a good supply-demand change since the miner’s block reward would be sliced in half following the halving. He added to this saying that the current geopolitical tension between the United States and Iran is actually a good thing for crypto, with institutional clients starting to get interested in bitcoin.
On top of this, he added that the rise of bitcoin last year didn’t reach its full potential due to opposition from the White House, however, with the presidential elections on the way, criticism could avoid the papers.
Many can see this to be an optimistic prediction, given that these comments hold true in the future, especially when you take into consideration the time duration on bitcoins skyrockets in price back in 2017. In a similar way to other assets, bitcoins valuation has followed a healthy cycle from past ATH as well. The first ATH came in November 2013 when the leading cryptocurrency’s price reaching $1.1k. Following this, bitcoin ended up sinking to a low of $140 in January 2015.
With the end of 2020, it will mark a completion of three years from December 2017. It might not seem it to many however, it has been a long time since the leading cryptocurrency and the rest of the industry hit mainstream audiences and more people came flooding into an industry hoping to make their fortune. Whether they will be able to again remains to be seen.
It will be interesting to see how this plays out. For more news on this and other crypto updates, keep it with CryptoDaily!