Even Bitcoin Bears Think the BTC Price Could Hit New Record in 2020

Despite the lack of decisiveness in the bitcoin market following the dominant crypto asset’s abrupt drop from $14,000 to $9,500, many analysts – even bearish ones – generally remain confident that the bitcoin price is heading towards a new record high in 2020.

The bitcoin price is up by more than two-fold in 2019 year-to-date
The bitcoin price has dropped nearly $5,000 from its yearly high. | Source: CoinMarketCap

On CNBC’s Squawk Box, as CCN reported, prominent news anchor Joe Kernen emphasized the imminence of the next halving of the Bitcoin blockchain protocol, suggesting that it could act as a major catalyst for the asset over the medium to long term.

Bitcoin price should surge as one crucial event disrupts supply & demand ratio

In recent years, the bitcoin price has been primarily driven by supply and demand from the market. As the market capitalization of the asset grew, the impact of news and events have started to lessen.

The block reward halving of bitcoin, which occurs approximately every four years, is expected to have a fundamental effect on the circulating supply of bitcoin, altering the rate at which new BTC are mined.

On the Bitcoin blockchain protocol, users mine BTC to…

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