The chief commercial officer for crypto payment processor BitPay says that some “unforeseen” event will take bitcoin’s price beyond its last all-time high in 2020.
Speaking in an interview with Bloomberg, Sonny Singh predicted that the price of bitcoin would rise higher than $20,000 in 2020, surpassing December 2017’s all-time high.
While Singh was bullish on the outlook for BTC, he claimed the price catalyst was still largely unknown.
He said,
Something unforeseen that could happen could really move it faster.
Singh provided a few historical trends to support price prediction, including the 2015 Greek sovereign debt crisis which led to massive gains for bitcoin. He also pointed to the bump in adoption and attention towards crypto following last year’s sudden announcement by Facebook to launch the digital currency libra.
He continued,
I don’t think people actually went and sold their GD stock and all that and bought Bitcoin, but I see what happens is just a little bit of people start buying Bitcoin and that, with technical trading, really bumps it up and makes it go a lot higher a lot faster.
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