For the umpteenth time this month, Bitcoin failed to hold above the $10,000 resistance on June 10th. Prominent investors in the cryptocurrency space, however, remain bullish on BTC due to a confluence of macroeconomic factors.
They say that in 2020, there’s a high likelihood Bitcoin revisits its all-time high price of $20,000.
A rally to $20,000 would mark a 112% rally from the current price of $9,400.
Bitcoin Is Primed to Hit $20,000 This Year, Morgan Creek Partner Says
Morgan Creek Digital partner Jason Williams believes that Bitcoin will hit $20,000 by October. He argued in a recent tweet that such a performance would be “World Class” in such a relatively short time frame.
This is a slight adjustment made to a forecast of $20,000 by September that the crypto fund manager shared with the International Business Times in May.
In the tweet, the prominent Bitcoin investor didn’t elaborate on what evidence there is to back this prediction. Yet in previous interviews, he has alluded to why he expects BTC to rally upwards of 100% in the coming four to five months.
Speaking to Thinking Crypto in May, Williams shared his opinion with the interviewer that he believes that the cryptocurrency industry is in a similar position to the internet/digital industry in the mid-1990s. That’s to say, Bitcoin has a vast amount of upside in the coming years, potentially making $20,000 just the start of a larger rally.
Williams’ partners Mark Yusko and Anthony Pompliano are arguably even more bullish.
The other Morgan Creek Digital co-founders see the confluence of massive money printing by central banks and the block reward halving as “rocket fuel” for BTC.
Not the Only One
Williams is not the only investor in the industry expecting a $20,000 Bitcoin in 2020.
BitMEX’s chief executive, Arthur Hayes recently said that his “end of 2020 price target remains $20,000.” He argued in a March newsletter that central banks will dramatically bolster BTC’s value proposition, driving prices higher as investors acknowledge that.
Dan Morehead of Pantera Capital echoed this to a T, writing in a March newsletter that in a world where the value of fiat money is being constantly debased, the scarce Bitcoin stands to benefit:
“Now that we’re in the trillions, the deficit just simply has to have a positive impact on the price of things not quantitatively-easable — stocks, real estate, cryptocurrency relative to the price of money. Said another way, the BTC/USD cross-currency rate will rise. The price of bitcoin may set a new record in the next twelve months.”