Bitcoin Price Will Surpass $20,000 Within the Next Year if It Continues to Follow Gold’s Market Cycles: Expert

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Thu, 10/03/2019 - 07:09
Alex Dovbnya
Bitcoin could be following the same path as gold, which would allow its price to touch the much-coveted $20,000 mark next year
Cover image via www.123rf.com

According to cryptocurrency analyst Crypto Welson, the Bitcoin price could touch $20,000 as early as 2020 if continues to behave similarly to gold prices.

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It’s hard to deny the uncanny similarities between the two charts, but there is also room for criticism. One naysayer points out that these two markets are not even slightly comparable given that the gold price history spans nearly 40 years.

However, there is also a theory that Bitcoin, which is often called “digital gold,” could be moving up at a much faster clip than the shiny metal.

Back in July, the Winklevoss twins called Bitcoin “gold 2.0,” but they think that this is still a very undervalued asset given that gold’s market cap is at $7 trln.

Our thesis is that bitcoin is gold 2.0 and so until it has a market cap of $7 trillion, which is the size of gold, it’s a very under-valued asset, so I think people are waking up to that.

Bitcoin’s market cap is currently sitting at only $148.8 bln after its price rapidly dropped to the $8,000 level on Sept. 24.

About the author

Alex Dovbnya (aka AlexMorris) is a cryptocurrency expert, trader and journalist with extensive experience of covering everything related to the burgeoning industry — from price analysis to Blockchain disruption. Alex authored more than 1,000 stories for U.Today, CryptoComes and other fintech media outlets. He’s particularly interested in regulatory trends around the globe that are shaping the future of digital assets, can be contacted at alex.dovbnya@u.today.


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