At the time of writing, several of the world’s leading cryptocurrencies, i.e. bitcoin, Ethereum, Litecoin and so on, are continuing their drops into red territory, and it’s unclear if recovery lies on the horizon.
Bitcoin: Where Will It Go Next Year?
As it stands, many enthusiasts are likely wondering what the future holds. Several analysts, over the past few months, have touted 2020 as the start of something great for BTC and its altcoin comrades, but normal, everyday investors aren’t seeing the evidence they need to believe this.
Men like Tim Draper, Charles Hoskinson and even Ross Ulbricht have gotten involved in the territory of “price predictions,” and several industry experts claim that 2020 will be the start of a solid rise for the coin. However, where bitcoin is right now does not lead one to assume that things could change that quickly over the course of six months to a year, so what can we expect?
Well, let’s first look at where bitcoin sits. It’s currently trading for approximately $6,800. This is considerably lower than where it was just last week. Previously, the world’s leading cryptocurrency by market cap was trading in the low $7,000 range. While this may not seem like much at first glance, it’s arguably miles better than where the currency is presently trading.
This is bad news, no doubt, but where bitcoin is right now really has no holding on where it could be within the next three to four months. Let’s not forget that at the end of 2018, bitcoin had reached new lows since towering at nearly $20,000 in late 2017. The following year, bitcoin had fallen to roughly $3,500 and there appeared to be no end in sight regarding bitcoin’s travels through the doldrums.
However, in April of 2019, everything did a serious turnaround. The world’s number one cryptocurrency by market cap rose up to $5,000. From there, $6,000 came, followed by $7,000, $8,000 and finally $10,000. The currency later peaked at $13,600 in mid-summer before stepping onto another bearish pathway that took it to its present position.
We Can’t Assume That Nothing Will Change
The end of 2018 and the beginning of 2019 were very different from each other, and one can assume that this is possible again. There is nothing to suggest that the beginning of 2020 and the end of 2019 will be the same. Given that 2020 is an election year, bitcoin and its altcoin cousins have a fair shot of potentially skyrocketing as they once did.
Remember in 2016 when Donald Trump took the White House? BTC began exploding like nobody’s business and ultimately stayed in bullish territory for well over a year. 2020 could easily produce the same results, but we can’t associate BTC too much with its past behavior or we doom it to repeat its current trends.