On January 9, crypto market research company Arcane Research released a report stating that the Bitcoin marked more than doubled trading volumes in just a matter of a week. The average daily BTC trading volume gained a 126% increase in the first week of 2020.
According to the report, “The market recovered sharply from the disappointment $192 million that were traded on Jan. 1.”
Bitcoin to Double This 2020
The price of Bitcoin has reclaimed the $8,000 barrier once again and continues to soar higher as the weekend trading starts out. Then, support held at $7,700, and in the case that the bulls maintain the buying pressure, the asset cam gains a re-tap assistance at $8,400.
Being that said, that event can result to longer-term gains. In fact, top market research firm Fundstrat Global Advisors showed confidence that Bitcoin will be big this year.
Bitcoin bull and company co-founder Thomas Lee gave a teaser about the 2020 Crypto Outlook since the full version is available to the company client, stating that there’s a strong probability for Bitcoin to gain 100% in 2020.
The said prediction will put BTC at a high of $16,000 before the year ends. Among the major factors why BTC will double is the halving. Lee has expressed his confidence that the halving has not been priced yet will result to surge this year.
If you will remember, the previous BTC halving in 2012 and 2016 led to post-event bull markets, which resulted in the asset to gain all-time highs.
Renaissance of Bitcoin’s Blockchain
The Arcane Research report noted that the blockchain activity of Bitcoin has seen with the renaissance. The number of transactions climbed 5% in a week, where the value of transactions grew by one -fourth. Besides, it’s also good to note that miner fees have increased by 40%, while the active number addresses increased by 7.63%.
As the recent report becomes increasingly gains for the crypto, the outlook of BTC continues to bullish. Interestingly, BTC can deliver about 100% gains to investors this year, as well as might rise significantly until the block reward halving in May.
Is It Possible for Bitcoin to Become A Safe Haven?
The researchers suggest the on-going tension between the United States and Iran is behind the correlation of Bitcoin with gold.
Although the researchers of Arcane Research admitted that, “it is way too early to draw any firm conclusion,” they emphasized that the significant events in the new conflict are behind the positive reaction of the price of Bitcoin and gold.
An excerpt from the report says, “The ‘safe haven’ narrative for Bitcoin is starting to become true. However, this short-term price action could also just be a spurious correlation and a long-term evaluation must be taken into consideration.”
By analyzing the statement, many believe that BTC proves to be useful to the people of Iran as the tension continues.