2020 year so far is said to be year of Decentralized Finance DeFi Project and it surely dominate future to replace centralized Finance. however, in first quarter of 2020 Bitcoin had take a huge jump from $3000 USD to $12,000 USD i.e. almost 4x surged in a price. Now, traders are curious to know will Bitcoin continue to follow neutral trend or will it explode to cross its previous best milestone i.e. $20000 USD.
Bitcoin before halving i.e. before 11th may 2020 sees huge growth in market volume, where user expected growth after halving. Many trading platform highly promoted Bitcoin sales with buzz of halving but ultimately bitcoin unable to match hype as after 2 to 3 month it hiked from $9K USD to $12k USD. but, since then attention from Bitcoin started shifting to Ethereum because most of DeFi project are on Ethereum and to buy or any Defi token of staking, farming or other Defi Project user need to swap from ETH. So, it benefits Ethereum to continue bullish run since august 2020.
Bitcoin Could Reach $20000 USD in 2021
Possibility of BTC reaching $20000 is damn high in 2021 i.e. as of writing we still have more than 3 months. as we have listed top 5 Reason why Bitcoin can have another bullish run in 2021.
- Highest Traffic on Binance & other Trading Platform: July 2020 was biggest month in blockchain market because it sees 26% growth as compare to 2019 year. Report claims in 2020 Binance and other top trading platform experience more traffic comparing to 2018 year. We know 2018 was breakout year for cryptocurrency and passing that figure that clear hint upcoming bullish trend. in 2020, Indian court lifted banned over cryptocurrency and platform WazirX sees billion user growth in less than 1 month. However, WazirX also acquired by Binance but it still seeing consistent growth in new user.
- Bitcoin Hash-rate hits to its maximum rate: Bitcoin hash-rate was reaches to 130 EH/s, on an average it was reported 120 EH/s. Hashrate positively impact of on asset price as it was recovered from 90 EH/s.
- Top analyst Believe Bitcoin Can go up to $100k: in recent peak time of blockchain market, where DeFi recorded Billion worth volume within few months of launch. Since, launch of compound Defi in total volume worth crosses to $9 Billion worth in September 2020. However, some project trying to integrated or bringing bitcoin blockchain to Ethereum Blockchain via interoperability. That can passively bring more trader on Bitcoin holding.
- Bitcoin Mining Rewards increased: as per report in year 2020 more than $300 million worth Bitcoin rewarded to miners. After halving miners number expected to dropped but due to reward percentage for creating new block. However, block reward was dropped to half from 12.5 BTC to 6.25 SUD.
- Bitcoin Payment integration and advertisement: few days ago, on UK roads Binance spotted doing advertisement on tramps and other local travel services. Whale aircraft or private jet company manufacturer started providing Bitcoin as payment option to save transaction fees. that means Bitcoin payments now integrated on different enterprises, eCommerce retails and even on store to buys goods and services. The most of top companies now also launching their product via blockchain technology to have their own payment method.
By looking at above 5 reasons mentioned, we can surely predict that Bitcoin could reach it’s all time high price $20,000 USD again. Also, Etherium could cross $1,000 USD benchmark in next year and reason in none other than number of DeFi projects launching this year and their acceptance in crypto world as well as Tech Giants partnerships with DeFi projects.
Although no prediction is 100% for sure, there is always chance that prediction could fail and it varies as long as market situation and other depending external factors like government bans, hacks, scams and many more. You should not rely on any kind of prediction or tools or algorithms to make investment plans instead you should do your self analysis and take help from finance advisor(if needed). As investing in cryptocurrencies is highly risky and you might lose your all assets.