Price of BTC Could Hit $14,000

There are many who predicted a positive year for Bitcoin. Bloomberg’s report for 2020 states that Bitcoin might go up to $14,000 thanks to the suggested correlation between gold and Bitcoin that works as a form of safe haven value storage, when both prices went up during the recent Iran airstrike.

The price of Bitcoin (BTC) has broken the previous resistance level of $8,400 and is giving the cryptocurrency market players a reason to stay focused on their screens. According to Coindesk, the current rise in price of the largest cryptocurrency by market cap can be attributed to the successful launch of CME’s futures contracts. The BTC market futures seem to spark confidence as it also bettered the first day trading volume set by rivals Bakkt.

The market sentiment seems to be bullish as last week marked the biggest price jump of BTC against the dollar which rallied 11.2% from the previous week. While it is just shy of its previous 16% price jump recorded in the 3rd week of October, 2019, BTC is still showing potential of a continuous bull run.

Sonny Singh, Chief Commercial Officer of BitPay sees BTC surpassing $20,000

Sonny Singh, Chief Commercial Officer of BitPay sees BTC surpassing $20,000
Image Source: Forbes

Bitpay’s Chief Commercial Officer, Sonny Singh was reported on Forbes that he foresees BTC’s price going beyond its all-time high of $20,000. He reckons that unforeseen events will bring in new players such as the recent Iran missile attack on US military bases. He also played down the basis of the upcoming halving which many other analysts state as the reason. During Singh’s previous prediction, he correctly predicted that the price would be close to $15,000 at the end of 2019.

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