While Bitcoin has been struggling in the past few months and has been losing market capitalization continuously, it has been hard for Bitcoin Bulls to stay positive and continue with their predictions of a short-term Bitcoin bull run. But the Bitcoin bulls are still there, even if they have moved the timeline for Bitcoin’s rise as major financial assets from short-term to mid-term or long-term.
Just last week, Tom Lee, co-founder of Fundstrat, predicted that according to his analysis, Bitcoin may hit the 250.000 USD mark by the end of 2020. This opinion was recently also echoed by analyst Brian Kelly.
In a comment Kelly said:
“If Bitcoin just stayed in this pattern — and this is normal analysis people do on all asset classes — if it just stayed that channel, the top of that channel’s around $200,000-$250,000,”
Should Bitcoin rise into the 200,000 USD range, it would reach a market cap of about 4.5 trillion USD, which would be nearly 50% of the current market capitalization of the current gold supply. While Bitcoin’s overall performance has smashed all profit records in the world of investing, it has performed rather poorly in 2019.
Initially, 2019 looked to be a promising year for Bitcoin with regulators actively working on the regulation of crypto-assets and the final and approval and start of Bakkt, which had been anticipated as one of the major milestones for a renewed bull run. But Bitcoin, or any other cryptocurrency, did not manage to take any major gains this year. BTC barely managed to climb to nearly 14.000 USD before slowly but steadily losing momentum and market capitalization over several months until the end of the year, dropping even below 7.000 USD for a short period.
What do you think? Will Bitcoin manage to break out and set new ATHs in 2020?