The Bitcoin market has been, more or less, a disappointment for the last two years. While we saw a disastrous fall from around $20,000 in December 2017 to below $4,000 in December 2018, the markets required just a little bit and remained stagnant throughout 2019. However, in the words of Fundstrat co-founder Tom Lee, 2020 will be a great year for Bitcoin. He made this claim while discussing Bitcoin on a CNBC show.
— CNBC's Fast Money (@CNBCFastMoney) January 23, 2020
When asked whether he was still bullish for Bitcoin, Lee said,
“Yeah. 2020 should be great for Bitcoin, because you got the number one the halving happening, the block rewards to miner getting cut in half, that’s a good supply to main chain. I think last year, the White House killed the Bitcoin rally by turning with their opposition. But with the presidential elections cycle underway, it’s not going to be in the headlines, and that’s bullish to Bitcoin. And then with, you know, the geopolitical tensions in the Middle East, I think that’s good for crypto.”
Experts and Bitcoin Trader around the world made huge claims for a Bitcoin rally, and of them have fallen flat on their noses. Recently computer scientist John McAfee, who was a Bitcoin advocate, stated that Bitcoin is not the future. Therefore, believing in Lee’s statement that the bulls will return in 2020 is quite difficult. There’s was a time last year that Bitcoin rallied above $10,000 for a couple of months, and when it did people like Changpeng Zhao of Binance said that those who sold BTC below the $10k mark must slap themselves. However, what followed was a nosedive, and no explanation from such influencers was given.
This leaves us with the quintessential, “will the bulls come back”? Investors must realize that Bitcoin is not a “make-me-rich-overnight” asset, but one to hold on for a long time. The more people hold it, the better are the chances of it to grow, which is the case with most financial assets.