- While Sonny Singh was bullish on the BTC outlook, he said that the price catalyst was still mostly unknown.
- He supported his prediction by pointing out to the 2015 Greek sovereign debt crisis, which led to enormous gains for Bitcoin.
Sonny Singh, BitPay’s chief commercial officer, said that Bitcoin’s price will surge beyond its last all-time high in 2020 due to some “unforeseen” event. In an interview with Bloomberg, he predicted Bitcoin’s price to reach over $20,000. While he was bullish on the outlook for BTC, he said that the price catalyst was still not known.
Something unforeseen that could happen could really move it faster.
To back up his price prediction, Singh provided some historic trends, including the 2015 Greek sovereign debt crisis which led to huge gains for Bitcoin. He also spoke about the rise in adoption of crypto after Facebook’s announcement regarding the launch of Libra, it’s upcoming cryptocurrency.
I don’t think people actually went and sold their GD stock and all that and bought Bitcoin, but I see what happens is just a little bit of people start buying Bitcoin and that, with technical trading, really bumps it up and makes it go a lot higher a lot faster.