HONG KONG, CHINA / ACCESSWIRE / July 22, 2020 / Bitx Executives Andy Pau gave his prediction of Bitcoin in 2020, predicting a market crash. Andy Pau stated that Bitcoin would not be able to remain as high, and that it will follow other markets, which has already happened an hour ago when the coin crashed to $6,000. Andy Pau then predicted that BTC will surge back to $10k, and eventually $20k towards the end of the year.
Bitx Executives, Andy Pau, recently announced his new prediction regarding the future of Bitcoin price. His post, called "A look into my trader brain during this time of intense market volatility," gives a view of Bitcoin, as well as of global markets.
Andy Pau noted that the declaration of the global pandemic by the World Health Organization (WHO) and the return of macroeconomic volatility, have had a negative impact on the Bitcoin price. Even so, Bitcoin managed to outperform most other indexes in 2020 so far, he says.
However, he also stated that he expects BTC to be dragged down as well, alongside global markets, although not as far as many others have predicted. He expects that the coin is likely to drop somewhere between $6,000 and $7,000, although he doesn't believe that the situation will be so dire as to see BTC sink back down to $3,000.
Bitcoin will surge to $20k by the end of the year, claims Bitx Executives
The reason for this, according to Andy Pau, is that crypto hedge funds are likely to dump their coins into a falling market, which would push the price lower on the margin. At some point, he also predicted that central banks will "cut rates to zero" and proceed to announce open ended quantitive easing.
When this happens, Andy Pau believes that BTC will surge back up, initially to $10k, and then to $20k as the year approaches its end. It will be a gradual process, according to him, but it will still happen, which is why he recommends buying BTC and stocking up on altcoins, as well.
So far, his predictions came true, as Bitcoin has just crashed to $5,900, then recovered by growing back to $6,700, only to drop again to the current $6,000. Whether it will stabilize here or continue to rise and drop still remains uncertain. However, the coin - as well as most other altcoins - has seen massive drops, often above 20% or even 30%. The question now is whether or not investors should trust someone who benefits from his users' financial loss, While his predictions of BTC crashing did come true, the rest is still in the air and remains to be seen.
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SOURCE: Bitx technology limited
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