Ikigai Asset Management has released a new crypto market analysis report claiming that Bitcoin will reach a new record value in 2020.
According to the report, there are three major arguments for this evolution:
- The media coverage of cryptocurrencies has increased significantly;
- Traditional investors express more interest in cryptocurrencies;
- The volumes of transactions on exchanges have increased significantly.
Ikigai believes that the crypto sector can “fundamentally change the world and create millions of dollars in value in this process.”
Very good performance in recent months
Ikigai Asset Management is convinced that the crypto market “is about to reach new ATHs for BTC after a really spectacular T2-19 – the fourth best quarterly performance of 2012.”
Ikigai explained:
“In our monthly analysis of June 1, we said that the new historical maximum values are likely to be recorded in 2020. Now we believe that we have been too conservative and that there is a significant chance of a new ATH in 2019”
The pound grows in popularity with Bitcoin
Ikigai Asset Management also suggested that the positive sentiment of the crypto market is partly driven by the cryptocurrency Libra launched by Facebook:
“The Libra project of Facebook is extremely important for the crypto ecosystem. While Libra is competing with certain crypto projects, it’s not competing with Bitcoin – it’s a gateway to Bitcoin. With a 2.4 billion euro user base on Facebook Messenger, WhatsApp and Instagram, Libra has the potential to bring the concept of “value acquisition in digital assets” to a record high worldwide.
Price correction is facilitated by “whales”
CEO Ikigai Asset Management has claimed that a price correction of Bitcoin is needed for the future evolution of cryptocurrency. He claims that this was facilitated by the “whales” of Bitcoin. They forced the price down to be able to accumulate more BTC before raising its price.
The report points out that another argument for reaching new highs is increasing Bitcoin’s dominance in the crypto market. In June, the dominance rate increased to values not seen since 2017.
Ikigai attributes this increase in BTC dominance to the fact that the fundamentals of Bitcoin have also significantly improved the interest of institutional investors. The analysis claims that the block reward half event will catalyze a record price increase for Bitcoin and the entire crypto market.
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