Bitcoin is looking set to end the year almost double its price at the beginning. The long term trend is still very strong and those gains are likely to continue for the next few years.
Bitcoin Up Over 90% YoY
Last Christmas, Bitcoin was priced at around $3,800. It had been through a brutal bear marking dumping over 80% from its all-time high the previous year.
Twelve months on and the king of crypto is holding $7,300 after another correction of almost 50%. The lows are getting higher and the gains are continuing for those that buy and sell at the right times.
In a year that has been painful for nearly all of the other cryptocurrencies, bitcoin has gained over 90%. If the pattern continues, and there is a bull run after the halving, next year’s low could be well into five figures.
Trader and analyst Josh Rager has been looking at stock returns and sees even greater potential gains for bitcoin over the years to come.
Potential 1000+% returns, not only over the coming decade, in the next few years if we see $BTC hit between $75k to $100k+
https://twitter.com/Josh_Rager/status/1209353053805203456
Blocktown Capital managing partner James Todaro shared an infographic showing that bitcoin has outperformed all of the top stocks for 2019 and has been the top performing asset for the past decade.
Some of the best performing investments of the decade. Happy New Year's everyone.
*Bitcoin enters once publicly traded on Coinbase in 2012 pic.twitter.com/dBr5zH88XV
— James Todaro, MD (@JamesTodaroMD) December 24, 2019
There is no reason why these gains will not continue as crypto assets gain more momentum and go mainstream.
In just a couple of years BTC has gone from being an experiment mined on gaming rigs in garages by geeks, to a globally tradable asset.
Many analysts are expecting a new all-time high in 2020, especially with the halving driving FOMO. The stock to flow model, which has recently come under some scrutiny, suggests a price in the $50k region.
Blockchain Capital Partner, Spencer Bogart, thinks BTC will go vertical next year which will be the fifth era for the digital asset.
BitMEX research has also made a few predictions for the coming year but with a cap on bitcoin’s peak at $15k. It also suggested that dominance, which is currently over 70%, will not top 75% but remain above 30%. There is a lot of scope for error with these wild predictions.
2020 Predictions:
– $BTC over $2,000, but also under $15,000
– $BTC dominance under 75%, but also over 30%
– CSW says: 2021 is year the Chinese shutdown BTC mining & 1m of his coins hit the market (Whatever else)
– #MATIC falls in value by over 80% @NemanjaMaticHappy New Year
— BitMEX Research (@BitMEXResearch) December 24, 2019
The bottom line is that bitcoin has outperformed all but a couple of altcoins this year. There has been no altseason and high cap assets such as Ethereum and XRP are ending 2019 lower than they started it.
Price predictions are abound as the year comes to a close and most agree that the only direction for BTC is up.
https://twitter.com/CryptoWelson/status/1209666177808642048
How high will bitcoin climb in 2020 and beyond? Add your comments below.
Images via Shutterstock, Twitter @Cryptowelson @BitMEXresearch @JamesTodaroMD @Josh_Rager