Will Bitcoin surpass $20,000 this summer?

After two months of uncertainty, the Bitcoin exchange rate has increased again. At the moment, BTC is about $9,200, and many analysts believe that Bitcoin is on the way to its significant growth. In this case, the forecast did not arise without rhyme or reason.

But will it surpass $20,000?

Here are some factors which may make this rate real:

• Bitcoin halving positively affects the coin value.

As a rule, halving significantly affects bitcoin price, which, in turn, reflects the state of the entire cryptocurrency market. For example, since 2016, the price of Bitcoin has grown by more than 1300%: during the last halving, its price was $ 657.61, and at the moment, it is $9200.

• Economic instability.
  
  2020 is given lots of negative forecasts regarding the economic and financial system, expecting the crisis more severe than in 2008. The negative background is formed by negative key rates introduced by central banks as well as the growth of global debt and the overwhelming slowdown in production. However, for Bitcoin and other cryptocurrencies, it may be an opportunity. They have a chance to establish themselves as a means of preserving accumulated capital.

• Political factors
  
  In 2019 most countries were actively developing legislation to regulate the cryptocurrency market. And in many countries, the adopted laws on the regulation of the cryptocurrency market regarding cryptocurrencies will begin to operate in 2020. In addition, a series of events that will affect many global processes is expected. Among them is the UK exit from the EU. There are speculations that after Brexit, the UK will turn to cryptocurrencies to solve problems with international financial transactions. Also, the 2020 United States presidential election may affect the country's cryptocurrency policy. As shown in 2019, the United States leader's statements significantly influenced the mood of the cryptocurrency market. It is possible that in 2020, Trump will cause fluctuations in all markets, including cryptocurrency.

All these factors may raise Bitcoin to $20,000; however, it is difficult to predict its exact behavior, since we still don’t know how this COVID-19 thing will play out. We may face another wave. So let’s stay cold minded.

Upon the whole, 2020 seems to open a hot season for Bitcoin.