The Bitcoin (BTC) market price remains highly unpredictable, especially as it enters the final stages of a turbulent decade. For 2020, predictions range from a bullish rally in spring, to another period of sideways movement and accumulation.
As the first decade of BTC winds down, trading is slowing and hopes for price action get transferred to the new year.
https://twitter.com/MoneyComeAU/status/1203935520834772993
But the specific dimensions of the price rally, or stagnation, continue to be unclear. In the short term, BTC is seen going down to a bottom close to $5,000, before attempting another high.
Some see the year go through a recession or lowered interest, as a new price spike cycle would occur down the line, in 2021 or later.
https://twitter.com/thisiskaiya/status/1202609200712450049
The halving, however, is seen as a bullish event, and May as a key month for big price moves. The tension may turn into a self-fulfilling prophecy, and cause at least a short-term breakout. But the optimism for the coming years is mostly based on the BTC performance so far.
https://twitter.com/CryptoChaser8/status/1202246885689315328
Previous price cycles consist of rapid spikes, sell-offs, and accumulation. In 2020, it is possible to see re-accumulation, in expectation of a bigger rally. At the same time, BTC futures add another layer of price discovery, and “tame” the spot price.
The behavior of BTC is also tied to the question of an altcoin season. In 2019, BTC dominated the markets, but traders are still looking for an opportunity in altcoins. In 2019, only leading altcoins managed to get ahead, but there are still expectations for a bigger rally in 2020.
https://twitter.com/007Macmac007/status/1171768858937647104
Altcoins are more volatile, but also offer higher potential gains, and during an altcoin season, most assets offer significant appreciation.
Crypto assets may also benefit from another good year of US economic data and high market performance. In 2020, the prediction is for enough stability to stave off a recession, and the possibility to allocate funds to crypto assets.
https://twitter.com/EtradingTeam/status/1204010427971190785
While the exact price of 2020 cannot be predicted, for now longer-term attitudes remain on the bullish side.
