Coinbase & Ripple investor safe: Bitcoin will “overshoot” $ 20,000 in 2020

For months, analysts have feared that the worst could still come for the Bitcoin market. Fear and apathy in the crypto markets – not surprising, especially since the number 1 cryptocurrency has already fallen 50% in the past six months while the bulls are waiting for a parabolic moon flight.

Still, the industry’s top investors are optimistic – an expert even believes that the price of Bitcoin is expected to be over $ 20,000 in 2020. Admittedly, $ 20k in 2020 has a nice sound when you say it out loud.

 

Top fund expects new Bitcoin ATH in 2020

Blockchain Capital has just released its 2019 annual report. The leading venture capital firm is an investor in Coinbase, Abra, Ripple, Messari and a number of other leading industrial companies. She expects Bitcoin to “top” its all-time high of $ 20,000 sometime next year.

Not only blockchain capital expects Bitcoin to rise higher in the coming months. In fact, the claim coincides with the opinion of two prominent investment fund managers in the crypto industry: that of Travis Kling, current CIO of Ikigai Asset Management and former “Point 72” portfolio manager – and that of Mike Novogratz from Galaxy Digital.

Both prominent Bitcoin analysts confirm in recent interviews their belief that the leading cryptocurrency will exceed the $ 20,000 mark by the end of 2020 / early 2021 and reach a new all-time high.

Earlier this year, former Goldman Sachs partner Mike Novogratz said: He expects BTC to reach $ 20,000 by early 2021 at the latest. Travis Kling repeated that, telling Yahoo Finance viewers that BTC is likely to have surpassed its all-time high so far and will establish a new one by early 2021.

 

Why will Bitcoin surpass $ 20,000?

Now why do these top investors believe this will happen?

There are many reasons:

Institutional involvement: In August Novogratz said the institutional engagement will help raise the price of the leading cryptocurrency after a consolidation between $ 8,500 and $ 14,000. The CEO’s long-standing thesis is that institutions in connection with solution providers like Bakkt will bring a mass influx of capital into the Bitcoin markets that has never existed before.

Positive macro background: Novogratz also believes that trends in the macro economy will support Bitcoin. He specifically mentioned negative interest rates, geopolitical unrest, and distrust of centralized systems.

Halving: Bitcoin will reduce its block reward next year, the event is called halving. This halves the number of BTCs issued per block, which leads to a negative supply shock for the market. Previous halving has catalyzed bull runs in the past.

Lightning: Experts like Tim Draper say that the introduction of the Lightning Network and other Bitcoin-related applications will dramatically increase BTC’s value proposition, adding value due to increased demand.