The bitcoin price has the potential to break above its all-time high by year-end 2019 or early 2020, according to crypto analyst Oliver Isaacs. | Source: Shutterstock
The millionaire cryptocurrency analyst and trader told The Independent that more investors are viewing bitcoin as a safe-haven asset in the wake of growing macroeconomic tensions. Isaacs referred to the ongoing trade conflicts between the U.S. and China that last month sent the global equity market on a downward trend. The negative sentiment prompted investors to hedge in cryptocurrencies. He stated:
“I believe bitcoin has the potential to hit $25,000 by the end of 2019 or early 2020. There are multiple drivers behind the recent resurgence. There are geopolitical, technological, and regulatory drivers. The net effect of the trade war between the U.S. and China has led to a sudden interest in bitcoin as a hedge on investments.”
The statement followed bitcoin’s dramatic correction in the recent market cycle. The cryptocurrency dropped by more than 18% after establishing its 2019 high near $9,090 on San Francisco-based exchange, Coinbase. Nevertheless, bitcoin remains in a positive trend from a broader outlook, with its year-to-date performance showing as much as 146% gains.
Isaacs noted that the bitcoin adoption rate is heading in the direction of the cryptocurrency’s price. He cited significant organization like Amazon, Starbucks, Whole Foods, and Microsoft that recently started accepting BTC payments, indicating that the cryptocurrency ecosystem has turned more positive since crashing more than 85% in 2018.