As numerous countries around the globe are already celebrating the advent of 2020, it's time to take a retrospective look at the performance of Bitcoin in the previous year.
2019 was the year of highs and lows for the dominant cryptocurrency but it still managed to come out on top with a 95 percent yearly gain, according to data provided by blockchain analytics startup Skew.
Shrugging off volatility
Bitcoin's price action was uneventful for almost half of the year. Skew has estimated that there were 150 days when BTC didn't move by more than one percent in a day. Meanwhile, the average absolute daily move is about 2.4 percent.
The wildest price move was recorded on Oct. 25 when Bitcoin surged by almost 40 before these gains quickly started to evaporate. Meanwhile, the two most painful moves for the bulls came on June 27 and Sept. 25. BTC is still struggling to break out of the six-month falling channel that was created as a result of the former.
Despite the fact that BTC is seemingly becoming less volatile, more than $800 mln was liquidated on BitMEX, the top derivatives exchange, with longs being responsible for the lion's share of this sum.
2020 is here
With people popping bottles of champagne across the globe, the big year of the third Bitcoin halving has already arrived. The belief that the forthcoming reward halving would trigger another price rally became one of the major crypto narratives as early as in 2019. Silk Road founder Ross Ulbricht predicted that BTC could witness a moonshot to $100,000 in 2020.
However, not everyone is enthusiastic. CoinList’s Andy Bromberg recently told The American Banker that the halvening had been already "overpriced in." In fact, he expects the Bitcoin price to dip after the much-awaited event.
“Maybe it’s been overpriced in and everyone’s bought into this thesis and we see a dip post-halving.”
As reported by U.Today, Bloomberg analyst Eddie van der Walt claimed that there wouldn't be enough demand to replicate the success of previous post-halvening cycles.
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