With the COVID-19 impact on the economy, stimulus programs and the recent oil price dump, traders believe that after the halving in 20 days, Bitcoin may hit $20,000
Many have been expecting the Bitcoin price to go through the roof at any moment due to the recent global economic crisis caused by the COVID-19 outbreak in China’s Wuhan.
Lockdowns emerged in the majority of countries in Europe, China and the US, prompting governments to take steps to stimulate the economy via quantitative easing to support businesses and ordinary citizens.
All of that led to an oil price collapse below zero on Monday. In these conditions, bullish expectations towards the approaching Bitcoin halving have increased.
‘Bitcoin may hit $20,000 any time’
Trader Carl Eric Martin, also known as the Moon Carl, has tweeted his rising bullish take on the prospects of the Bitcoin price in the current economic chaos that has been spreading around the world. The situation is unpredictable for any assets now.
As an example, he refers to the crude oil futures price suddenly dropping below zero. The trader believes that with the approaching halving, Bitcoin could easily surge to $20,000 in one week.
Trader and analyst Christopher Jaszczynski seconds his forecast, emphasizing that $20,000 is a realistic price for Bitcoin to reach in the current fundamental setup.
Earlier, the same trader took to Twitter to share a textbook Bump and Run Reversal Bottom pattern for Bitcoin, which would allow it to hit $10,500 soon.
‘Bitcoin makes more sense than most markets’: VanEck’s top exec
Gabor Gurbacs, the digital currency strategist at VanEck, has shared his growing bullish attitude towards BTC. He says that despite the fact that a few weeks ago financial markets did not take Bitcoin seriously, under the current impact of the pandemic, fragile economy and oil price, Bitcoin seems to be making “more sense than most markets.”
“A few weeks ago financial markets kept dismissing #Bitcoin as nonsense. In a short few weeks, after trillions in QE, 22 million newly unemployed, massive bailouts, UBI checks, negative treasury rates and negative oil prices, #Bitcoin seems to make more sense than most markets.”
Touching on the subject of millions of people losing their jobs in the US alone, Gurbacs states that Bitcoin is capable of helping people solve this problem as well.