Bitcoin Price To Rise Above $20,000 In 2020, Says Bitpay’s Singh

It’s the season of Bitcoin price predictions. Only days after Nexo co-founder Antoni Trenchev made the case for a $50,000 Bitcoin price in 2020, Bitpay Chief Commercial Officer Sonny Singh has also shared his belief that the crypto asset will hit new all-time highs this year.

Notably, Singh shared what turned out to be a correct prediction that Bitcoin would get close to $15,000 in 2019 with Bloomberg a little more than a year ago. “This year, I’m going to make a prediction,” Singh told Bloomberg’s Taylor Riggs on Wednesday. “I think Bitcoin passes the all-time high and goes passed $20,000 this year.”

While most other Bitcoin pundits have pointed to the upcoming halving as the main catalyst for a Bitcoin price pump in 2020, Singh offered an alternative theory. The halving event is expected to occur in May, and it will cut the number of new Bitcoin that are created roughly every ten minutes in half. “The technical and high-frequency trading is what drives this market in Bitcoin,” said Singh. “Any time you have an unforeseen circumstance like the Iran incident that happened a couple of days ago that adds new buyers to the market, they weren’t expecting that and that bumps it up. And that little bump actually in buying pressure really drives it to be up, next thing you know, 20% in two days.”

In Signh’s view, the Bitcoin market is largely driven by traders who follow technical indicators, which is why unforeseen events where new buyers enter the market have had such a large impact on the cryptocurrency’s past price movements. Singh pointed to last year’s surprise announcement from Facebook about their Libra project as an example of this phenomenon.