From Cointelegraph en Español we talked with different personalities of the crypto space in order to know their visions about what is coming for Bitcoin at the end of this year.
The year 2020 has been a resounding, complicated and dynamic year and everything seems to indicate that the closure will not cease to be so. With an election on the horizon in the United States, markets and assets, including Bitcoin Bank are waiting to see who will be the new occupant of the White House. On a technical level, we’re also seeing some prospects that could cause some changes in the market, and that augur as epic an end to the season as it turned out this year.
In order to evaluate the different perspectives that can be seen within the market, at Cointelegraph en Español we have talked to different Spanish speaking crypto-space personalities in order to evaluate their opinions about what they expect from this year’s closing.
Anibal Garrido, crypto-currency trader
Bitcoin, unlike the conventional cycles of the institutional market, has a more accelerated reproduction capacity due to its 24/7 activity. What for the traditional market can represent a decade, in cryptoactives it can take only 4 years. After its last big rally in 2017, the bullish behavior can probably be emulated again in 2021. Currently, Bitcoin’s challenge is to break the June 2019 peak of almost $14k and if it manages to do so by the last quarter of 2020, we’ll probably see Bitcoin face its historic and biggest enemy in price: the $20k.
Bitcoin’s price is approaching $12,000 and could be the signal for the beginning of a new bullish cycle.
Eloísa Cadenas, founder of CryptoFintech
Personally, we have used econometric models based on historical prices since 2018, which give us a price forecast above US$10,000 but at least until December of this year it would not be above US$14,500 and although there may be corrections, I would not rule out the price being placed at 17K for the 1st or 2nd quarter of 2021 (unlike models like S2F which at some point estimated a bitcoin price of 100k for 2021), I think that is a pretty high expectation; Nevertheless, I agree with the upward trend. From my perspective, I consider that our technical analysis is consistent mainly because of the movements we have seen in the market, for example, the recent investments of GrayScale, CoinShares and MicroStrategy of 449,596, 69,730 and 38,250 bitcoins, respectively; also, it is important to note that approximately US$6 billion is held by 18 public companies showing a higher participation by public companies and giving points in favor of bitcoin. This indicates that there is a greater interest in acquiring bitcoin as a reserve of value and that, bitcoin as an asset similar to gold, is increasingly viable; therefore, many companies could replicate such decision to acquire bitcoin as a reserve of value and eventually, hoarding, make the price of bitcoin continue with an upward trend.
Cristobal Pereira, CEO Blockchain Summit Latam
I would expect several things from Bitcoin, which would affect their prices. On the one hand, I’d expect to see more public companies registering Bitcoin in their accounting books, as we’ve seen this year, such as Microstrategy, Square, among others. On the other hand, I would expect to see on the side of regulators and traditional financial institutions a move towards the development of new financial services such as custody and payments. I would expect to continue to see an increase in people learning, acquiring and using it, and finally that should have grounds to expect a Bitcoin of over $15,000 by the end of the year.
Is $15K possible for Bitcoin after the election?
Jorge Farias, CEO Cryptobuyer
The growing instability of the North American market, with elections coming up, which are very complicated, together with the issue of the International Monetary Fund’s call for a new Bretton Woods moment, make it more than evident that all the investments that have been made in an institutional way, such as those seen with MicroStrategy and Square, is a trend that will continue to grow, that will continue to grow, and between now and the end of the year I would not be surprised to see more traditional capital funds entering into concrete positions in crypto-currencies, which will inevitably lead to a rise in price. It’s just a matter of time before we see how big the next companies are that are going to join this trend and see the results.
Franco Amati, Co-Founder of Bitcoin Argentina
As for technology, Taproot is the next step that many of us are waiting for, and it has already been developed. Now I’d like to get some