According to one Bob Loukas, by the end of next year Bitcoin can reach its record level. This prediction would be completely different from a number of other news stories that are said by industry fortune-tellers, if it were not for the very fact that this analyst was absolutely right about the very price of BTC that we will see at the end of this year.
What will we talk about in this article? We will certainly get a little closer to Bob Loukas’ forecast. What more will we learn about what could become the driving force behind Bitcoin? We’ll also learn about the obstacles to the adoption of BTC.
Bob Loukas’ prognosis
Although some people may say that it was only a pure coincidence that Bob Loukas’ prediction worked, he himself seems not to boast too much about it. He said a year ago that the Bitcoin rate would be at seven thousand dollars and now, at the end of 2019. In fact, not so long ago he reminded his observers of this extremely apt speculation via Twitter.
Bitcoin closing near the $7k area were my thoughts 12 months ago in my first video.
— Bob Loukas (@BobLoukas) December 26, 2019
In his tweeting, Bob Loukas, stressed that at the turn of the year 2020, there will be a really solid climbing towards the new ATH. This is about the highest price level of Bitcoin.
What can become the driving force of Bitcoin?
Well, the narrative about the bullshit rally until the end of 2020 is repeated non-stop. Perhaps this media hype alone will somehow affect the king’s very course in the midst of the crypts. Many of Bitkin’s fans believe that this virtual money will be able to achieve completely new records. Perhaps this optimism will also infect new players.
Although the price of BTC itself can be influenced by a whole host of factors, those related to the emotions on the market are the ones that are the most important to us. An example is the bubble from the end of 2017, when many beginner investors even rushed blindly behind a herd of others. Can this story be repeated at all? What impulse is needed for Butcoin to rise above its own horizon?
The catalyst that pushes people towards the BTC itself is certainly the inflation of traditional currencies, among others. In countries with economic crises, interest in Bitcoin is constantly growing. No wonder. After all, for a mass of people it is the only way to escape from the already dying fiduciary money.
We must note that it is not without reason that this cryptocurrency has become digital gold. Limits imposed by central banks or financial problems, all this can lead to the inflow of a really large amount of capital to the Bitcoin market. After all, as demand increases, so will the price of the asset itself.
Obstacles to the adoption of Bitcoin
Going much, much further, we come to the conclusion that, in fact, the use of BTC alone can be much less frequent than many people actually assume. And what does that really mean? It turns out that there are certainly far too many transactional fees involved, and how we make small payments. Of course, there are some special alternatives. These are such as the Lightning Network, which is already a solution to this very problem.
When we look at all sorts of scenarios like that, we can say that just because governments certainly need a strong control over financial transactions, they can make a decision to ban Bitcoin in their own countries. Recently, for example, Uzbekistan has turned its back on the cryptocurrencies completely.
It is in the face of all these problems that the situation on the Bitcoin chart itself may still remain unclear. Unfortunately, the problems accompany us all the time. However, we are already able to face them and find some sensible solution. What if what, but time will show how it will all look like.