Cryptocurrency News | Bitcoin Price Forecast for 2020 Market by [Oohira]
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FX history since 2009, cryptocurrency history since 2015. Utilizing experience in cryptocurrency investment and past experiences, delivering cryptocurrency information on major newsletter sites and investment sites. Participates in numerous individual investor networks and shares knowledge gained from many investors. Running a cryptocurrency investment information site for beginners since 2016.
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*This article is a reprint/edit of FX攻略.com February 2020 issue. Please note that the market information written in the main text does not reflect the current market.
Price Trends of 2019
Bitcoin's price in 2019 showed large fluctuations (Chart 1). It fell to around 350,000 yen as the year's low, then began an uptrend from April 2019. Interestingly, there were no major catalysts for the uptrend. After it was announced that Japan's new era would be 'Reiwa' the day after, Bitcoin rose sharply, and in May, with the era changing to Reiwa, it rose even more, giving a personal impression of an inexplicable timing and catalyst for the rise. Bitcoin reached a high of around 1.4 million yen in June before price declined to the 1 million yen range and stayed there. However, it fell below 1 million yen at the end of September, and as of November 24, 2019 (the time of writing), it had dropped to the 700,000 yen range.
In 2019, Bitcoin saw gains as a safe haven amid US-China trade frictions and Hong Kong protests, and there was positive news such as China’s blockchain push statements and Bakkt, a cryptocurrency exchange operated by a NYSE parent company, releasing futures trading prices. On the other hand, there was negative news such as strong international criticism of Facebook's cryptocurrency 'Libra' and regulatory progress in cryptocurrencies not advancing as hoped.
