Why bitcoin, not having yet entered the grow phase, will however be the best investment of 2020
Why the bull trend has not yet arrived
Trader Joe007, leader of the Bitfinex exchange ranking, explained why the price of bitcoin is now not in the middle of a bullish rally.
“Trends don’t magically “happen” — they are based on supply/demand imbalances and backed by fiat in/out-flows. Anyone who doesn’t understand this and sees BTC as some black box that magically “does what it always does” has no business trading,” Joe007 wrote in his Twitter account.
He noted that at the moment he does not see an inflow of funds into Tether, so there is no point in talking about the beginning of growth.
“I’ll believe it when I see the fiat inflows, sure. All the rest is just noise/posturing. It may seem oh so exciting to noobs but I’ve heard it all thousands of times, during all phases of market cycle. Means nothing,” the trader explained.
Opinion: Bitcoin will reach $15,000 by mid-year
Currently the market has all the conditions to strengthen the price of BTC up to $ 15,000 by the summer, Jehan Chu, Kenetic Capital co-founder said.
According to him, the upcoming halving, the outbreak of coronavirus in China and global economic instability will contribute to the growth. All these factors are pushing investors to seek new investment assets.
“The bitcoin halvening as well as public market jitters is yet another reminder that bitcoin is much less risky and offers potentially outsized returns,” Chu said.
Raul Pal: Bitcoin is the best investment in 2020
According to Raul Pal, ex-executive of Goldman Sachs, bitcoin will be the best investment in 2020. In an interview with the Wall Street Journal, the businessman said that if he was offered to only own one asset for the next 10 years, it would be BTC.
Later, the businessman explained in Twitter that he considers Bitcoin an ideal investment due to a number of parametres.
“It encapsulates all of my larger macro views and feels like the point on the far horizon we are headed to, in some shape or form. Yes, like gold too and many other things but BTC risk/reward beats all,” Pal wrote.