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Bitcoin Gains from Past Week Is Gradually Coming to an End Sonny Singh Prediction Did not Work Out Now

bitcoin gains

Elon Musk posted an intriguing tweet: Bitcoin is *not* my safe word.

Charles Bovaird wrote: “Bitcoin’s average volatility for December (48%) was significantly below the yearly average of 65%.”  The trading volume is lackluster.

Mati Greenspan stated, “Throughout the month, bitcoin traded in a very tight range and on low volume. It didn’t threaten to dip lower several times but managed to hold ground, possibly indicating that a bottom is in sight.”

Bitcoin’s price continued to fall on January 10, 2020.  The gains from the past week are gradually coming to an end. The cryptocurrency market is trying to fund support for Bitcoin at $7,000 to $8,000 range.

Bitcoin Predictions 2020

Sonny Singh, Chief Commercial Officer at Bitpay, expressed the belief that Bitcoin, the crypto asset, will hit all-time highs this year. Singh said to Bloomberg, “This year, I’m going to make a prediction, I think Bitcoin passes the all-time high and goes passed $20,000 this year.”

Several other analysts stated that the price of the Bitcoin would have a pump in 2020 triggered by the Bitcoin halving.  The halving is to happen in May 2020. After the halving, the number of Bitcoin will reduce, inducing scarcity, therefore, increasing price.

Singh probably made the prediction based on, “Any time you have an unforeseen circumstance like the Iran incident that happened a couple of days ago that adds new buyers to the market, they weren’t expecting that, and that bumps it up. And that little bump actually in buying pressure drives it to be up, next thing you know, 20% in two days.”

The US House voted to limit the Trump War Powers.  This probably contributed to the trending price decline of Bitcoin, and things did not turn out the way Singh projected; however, the year has 11 months and several events ahead.  Probably, Bitcoin might respond to make Singh’s projection true.

Bitcoin Sentiments Should Improve

Central banks are working to roll out their digital fiat currencies.  Bitcoin continues to thrive. For the price to improve the sentiments should improve. While the price of the stock market is driven by demand, the price of Bitcoin is driven by the perception of the token being a safe-haven to store value.

According to Matthew De Silva, to an intelligent investor, fresh highs mean, “Everything is going right all at once, so now it’s more expensive to invest than ever before. How long can this euphoria continue?”


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