Bitcoin investors are currently bullish, as the premier cryptocurrency is trading above $7,500. However, a recent Forbes article suggests Bitcoin could have far further to go. In fact, the article suggests that 2020 could be “the new 2017”.
Could 2020 be the new 2017 for Bitcoin?
This Forbes article, from April 24th, has the succinct name “Is 2020 The New 2017? Bitcoin Could Be This Year’s Best Performing Asset”. Moreover, it explores the possibility of Bitcoin potentially rallying during this year – akin to the legendary crypto rally in late 2017.
The 2017 crypto rally brought the price of Bitcoin to nearly $20,000. The Forbes article argues that Bitcoin and crypto could soon boom in a similar way due to a variety of factors.
First and foremost, this comes following massive quantitative programs from various central banks around the world.. For example, the Federal Reserve’s “Quantitative Easing Forever” program is facing criticism for potentially weakening the dollar.
Economic uncertainty could be paving the way for crypto
As such, fiat currencies around the world could substantially weaken in the wake of the COVID-19 coronavirus pandemic. Nevertheless, the Forbes article suggests that the economy is facing substantial uncertainty, which it indicates could further fuel a rise in the price of Bitcoin.
It also quotes UBS chief economist, Paul Donovan, who suggests the ongoing financial uncertainty is threefold:
“Economists are dealing with three levels of uncertainty. Uncertainty about the virus, uncertainty about the policy response, uncertainty about the economic response to the virus and to policy. Changes in any one of those change economic outcomes.”
Many bullish indicators for Bitcoin
Additionally, the Forbes article highlights the upcoming Bitcoin halving event. This event, which is due in less than a month, will effectively cut Bitcoin supply in half. As such, stock-to-flow (S2F) models suggest that Bitcoin will see a dramatic increase in its price.
Moreover, this Forbes article is not the only one currently bullish on Bitcoin. In fact, a recent Bloomberg article said Bitcoin is “readying for a 2017-like leap”. Anthony “Pomp” Pompliano is similarly guiding for a Bitcoin bull run that will take Bitcoin to $100,000.
In addition to this, data reveals that institutional investors are increasingly beginning to “HODL” as the Bitcoin halving event is approaching. Moreover, macro analyst Raoul Pal recent said he believes Bitcoin could rally to a massive $1 million by 2025, in his The Unfolding report.
Rasmus Pihl is a writer for Toshi Times by day and an avid follower of the blockchain industry by night. Rasmus holds a Bachelor’s Degree in Marketing from the Gothenburg School of Business, Economics, and Law and runs a Swedish marketing consulting firm. Moreover, when he isn’t writing for Toshi Times, traveling, working or changing the world in some other capacity, Rasmus is more than likely caught up in postgraduate studies.