How Will Bitcoin Perform in 2020?



Crypto Daily takes a look at the possible scenarios for the Bitcoin price movement in 2020: He first checks the Bitcoin hashrate. There's an ongoing debate whether the BTC price follows the hashrate, or vice-versa. There is some correlation between the two, but at the moment, we're at a stall. The network is as healthy as ever and most hodlers (non-miners) shouldn't be affected in any way if the hashrate drops. Then he proceeds with the bitcoin difficulty ribbon. He also mentions the stock to flow model, as it has a 95% correlation with the BTC price.

Daily adds that we might be seeing more selling pressure for miners post-halving event. There's also the Bitcoin dormant addresses. Those are the addresses that haven't moved a single satoshi in more than a year. Despite the BTC rallying in 2019, 11.5M Bitcoin haven't moved or 65% of the entire circulating supply. This metric should be a bullish sign.

And there's the Plus token scam.along with other Ponzi schemes like Cloud token (Japan), BitClub network. These scams are putting selling pressure on Bitcoin, lowering the price.

In the end, Crypto Daily shows an interesting chart with the transfer of wealth.from earlier generations to Millenials, that see Bitcoin as a popular investment opportunity, compared to traditional ones.

Crypto daily points out that he doesn't know if Bitcoin will become the global reserve currency, however, he sees cryptocurrency closely related to the dot com era.

Show More