Will Bitcoin Soar in 2020?


In response to the price slumps observed by the cues from equities, commodities like gold, crude oil, while pioneer cryptocurrency has surged commendably, the vulnerable financial markets drives cryptocurrency market as a safe-haven amid such a geopolitical crisis.

As news of the air strike last Friday broke across the globe, bitcoin increased 5 percent.

"Gold prices will keep climbing in 2020 and so should Bitcoin", said the senior analyst.

According to Rekt Capital, Bitcoin's price usually enters a new cycle and sets a new high prior to the halving event.

Tension between the U.S. and Iran is likely to drive the price of Bitcoin higher.

DeVere Group is one of the world's largest independent advisors of specialist global financial solutions to worldwide, local mass affluent, and high-net-worth clients.

The comments of Nigel Green, executive director and founder of the Group deVere, came when Tehran threatened to "avenge" the United States for the murder of Qassem Soleimani, commander of the elite Quds force of Iran, which was in charge of the strategy of regional security of the country.

That could well be one of the bigger reasons behind the rally in the world's biggest cryptocurrency, but at the same time, it could also be said that the geopolitical stars have aligned for Bitcoin. For instance, in August it jumped as global stocks were rocked by the devaluation of China's yuan during the trade war with the US.

One factor that should be closely considered when determining the macro trend of Bitcoin and other digital assets is the percentage of wallet addresses that are "in the money".

On Tuesday morning, Bitcoin was trading at € 7035.75 and gold at € 1,400.72, 3% more than the previous week.

"The serious concerns created by geopolitical issues, such as the US-Iran issue, will likely prompt an increasing number of institutional and retail investors to diversify their portfolios and hedge against those risks by investing in crypto-assets".

Bitcoin price (BTCUSD at Coinbase exchange) has risen more than 15.75% in this month, but couldn't ensure the sustenance so far. Due to bitcoin's influence, other major cryptocurrencies can also be expected to receive a boost in price.