The current state of the crypto market is not very encouraging as these assets have definitely seen better days earlier in 2020. However, many people, including Charles Hoskinson, are still bullish on Bitcoin’s chances for a spike this year. The Cardano co-founder believes that the king coin will get over its current plunge and will hit $100,000.
Hoskinson shared this opinion on Twitter recently, in response to a tweet from a crypto proponent, Bitcephus. The tweet was a call to recognize members of the Twitter crypto community who “feel 100% confident” that Bitcoin would hit $100,000. As the tweet gathered hundreds of retweets and replies with more than 2,600 likes, Hoskinson’s response stood out as he replied “100%.”
With his tweet, Hoskinson has joined a growing number of people who believe that Bitcoin is bound for an impressive rise. While the IOHK CEO did not specify a time frame, other crypto stakeholders predict that 2020 will do wonders for Bitcoin.
Recently, popular crypto analyst Will Woo spoke to Max Keiser on the Keiser Report, about Bitcoin’s likely ‘directionality’ going forward. Woo believes that the most ‘common-sense’ forecast for Bitcoin would be somewhere around $135,000. He added at the time that $250,000 is possible if the bull cycle lasts longer.
BitMEX CEO Arthur Hayes is not as bullish as Hoskinson and Woo. However, he believes that Bitcoin could hit its $20,000 all-time high this year. In a recent BitMEX publication, Hayes predicted that Bitcoin could go below $6,000 because of the current market situation. His forecast turned out to be right as Bitcoin is currently trading just above $5,200. He, however, added that it will rise and hit $20k by the end of the year.
The recent Bitcoin crash because of the coronavirus has awoken discussions about whether or not Bitcoin really is a safe-haven asset. Some people are worried that the nosedive means that Bitcoin cannot always be trusted as a proper store of value if it reacts this negatively to current conditions.