Is Bitcoin Going to Peak in 2020?

Bitcoin is one of the biggest and most revolutionizing inventions of the modern era. This cryptocurrency allows people to complete various e-transactions without fearing any hidden or added fees. As you may know, one of the biggest criticisms that banks face today is the number of unnecessary fees that they charge people with some types of transactions.

The displease led to the creation of Bitcoin – a highly decentralized and self-sustainable currency that allows people to trade online without the fear of spending more money than originally planned. Furthermore, this cryptocurrency gives them a certain level of anonymity, thus increasing their online safety.

We witnessed Bitcoin with its ups and downs throughout the years, but one of the most recent trending topics surrounding this cryptocurrency is whether it will experience a massive peak in value this year. That is exactly the topic that we wanted to discuss into detail, so let’s get to work.

What do the Experts Believe?

Several experts that have been tracking Bitcoin for the past year or so have stated that the chances of Bitcoin peaking are high. They also believe that Bitcoin will reach a value of $20,000 or more this year, which is more than the biggest recorded peak in history. We are going to discuss the previous peak as well, but for now, let's stick to this subject.

Several indicators are here to back up that statement. First of all, Bitcoin is by far the most stable currency out there. A big majority of the people who use cryptocurrencies are connected to Bitcoin. Next up, we even have an institutional interest.

That means that many countries around the world have made trading with Bitcoin legal, which increases its popularity and stability even more. The has rate which measures Bitcoin’s computing power has finally stabilized after spending a year and a half on the low. Finally, its volatility is at the second-lowest in its history. The only time when it was this low was when Bitcoin peaked and had the biggest recorded value in its history.

If you are one of the people that trade with Bitcoin and believe that the value will go up, it’s important to stay updated and read all the latest news surrounding this cryptocurrency. One of the most reputable sources is Bitcoin Loophole, a site that keeps track and posts every update on Bitcoin.

The Biggest Recorded Peak in its History

We are sure that most of you know about its biggest peak, but we wanted to mention Bitcoin’s biggest peak so that you can understand how big of an opportunity you may have this year. 2017 was the best year for this cryptocurrency. After spending years on the rise and after it went through numerous ups and downs, it finally caught the attention of people around the world.

Millions of people saw an opportunity and started mining this cryptocurrency, hoping that it would be profitable for them. While many quit, some were persistent and at the end, the hard work paid off.

In late-December, Bitcoin’s value started rising at an extreme rate daily and a few days before New Year’s Eve, it reached its highest recorded peak. On December 27, the value for 1 Bitcoin was a bit over $19,000. Many people that had stacks of the cryptocurrency became overnight millionaires.

The price plunged within days, but this was no surprise. Since then, Bitcoin spent more than a year in muddy waters and had a tough time stabilizing. The price fluctuated in 2018 and 2019, but as we mentioned before, it finally stabilized in 2020. So, if your instinct tells you to give this cryptocurrency a try, you should go for it.

This article does not necessarily reflect the opinions of the editors or management of EconoTimes