If you’ve been in the cryptocurrency market for a while, you probably know that the most popular virtual coin is BTC or Bitcoin. Also, you probably know that this cryptocurrency is the most valuable and has had the highest recorded value almost two years ago, in December of 2017 when you could sell one BTC for $19,783. Since then, Bitcoin has been on the decline, with the lowest value in the past two years recorded in early 2019.
However, it is noted that the value of this cryptocurrency is returning to a high level, which may be an indication that next year will be very important when it comes to BTC. A lot of experts have expressed their opinion on the rise and fall of Bitcoin in 2020, so at the moment it is quite interesting and uncertain how things will look like in the future. While no one can predict with certainty, there are some patterns that have been repeated over the years regarding Bitcoin. If you are trading this cryptocurrency, the best solution is to use the detailed statistics and help provided by experts on sites like Profit-Revolution.com. This site is specialized in cryptocurrency trading and helps users to better understand market trends and invest more securely. However, currently, the most important question is what is the forecast for the price of Bitcoin in 2020? Well, keep reading and check the opinions of trade and finance experts.
News on the BTC market that may affect the price
Just over a month ago, on September 23, 2019, the long-awaited platform called Bakkt was officially launched, intended to bring a new revolution in the virtual coin’s market. It should provide security and transparency in the BTC business for all institutional and merchant investors. This means that Bitcoin would be more implemented in the traditional financial system and payment methods, and thus return the value closer to the highest recorded.
In addition, the technologies used by BTC can significantly affect the adoption of this cryptocurrency as a widespread and official payment method. For example, currently, the most widespread payment system is Visa. The main advantage is the speed and low cost of transfers. Bitcoin, on the other hand, is lagging behind traditional payment systems when it comes to these features. This could be changed using Lightning Network technology, which is in the process of development and should significantly shorten the time for BTC payments.
The price of BTC next year can be significantly affected by Bitcoin block halving. Miners are known to receive a reward for their work. They receive 50 BTC for each mined block. However, the reward is reduced in half to every 210,000 blocks. This means that the next halving will occur during May 2020 and that then the value of one block will be 6.25 BTC. This simply means that demand will at some point be higher than supply and that BTC value will increase.
All of these things can significantly make 2020 perhaps the most important year for all cryptocurrency traders, especially those trading in Bitcoin. Although the current price is below $9500 at the time of writing, this doesn’t mean that the price will fall even lower, but rather that this is a good time to buy extra BTC. This investment may pay off in the coming months because according to expert analysis, Bitcoin is expected to reach perhaps the highest value ever recorded in 2020. Therefore, think carefully and make smart moves.