on the crypto
Bitcoin has had a difficult year so far, but recently the currency is showing strong signs of recovery and many enthusiasts and traders believe that this year could end up becoming a new "2017".
Bitcoin could reach its all-time high again
As we all remember, 2017 was undoubtedly the best year of bitcoin. During that year the currency conquered new heights and touched one quotation of nearly $ 20.000 to reach an all time high.
The period prior to that exploit had been characterized by sizeable profits and bullish behavior that had seen thousands of assets flourish. Many wonder if that same behavior is going to repeat itself for the remaining seven months of 2020.
Word to analysts
UBS chief economist Paul Donavan thinks that bitcoin could reach a new record, given the great uncertainty surrounding it. He says analysts and traders are doing their best to make sense of it all, and in the midst of chaos, bitcoin could be on top.
Donavan says that “Economists are dealing with three levels of uncertainty. Uncertainty about the virus. Political response uncertainty. Uncertainty about the economic response to the virus and politics. The changes in one of these levels affect all economic results. "
Mati Greenspan - founder of Quantum Economics - is quite confident in BTC. He says many people have started putting money into bitcoins and cryptocurrencies in the past few weeks in response to further fears about the CovID-19, and that despite the recent sell-off, bitcoin is really ready for a big return in the coming weeks, especially with the expected halving scheduled for next month.
He said: “Bitcoin has been by far the best performing asset in the past year and decade. With all the money being injected into the system right now and the impending halving, I don't see any reason why it shouldn't continue to outperform. "
Danny Scott - chief executive officer of the Isle of Man Coin Corner - believes the currency will have no problem hitting its all-time high of $ 20.000 again in the coming months.
In particular, he says that “The current unexpected global crisis and a series of major events in the bitcoin pipeline in the next nine months are causing speculation across the sector and another upward race is on the horizon. I believe we can only expect that the price of bitcoin will continue in the direction in which everything is potentially pointing towards that figure of $ 20.000 and beyond. "
There will be a serious recovery
Bitcoin isn't the only resource that's starting to recover after recent losses. Equities also recovered from the decline of the past few weeks, while oil showed a serious recovery in the past two days despite a record slump that occurred on Monday 20 April.
Marcus Swanepoel - Luno's CEO - says: "With the levels of quantitative easing reaching the markets, we hope to see a constant increase in the price of bitcoin until the end of the year."