In its forthcoming 2020 Crypto Outlook, market research firm Fundstrat Global Advisors said it believed that the halving was not yet “priced into” the Bitcoin price.
Bitcoin can deliver 100% returns to investors in 2020 and may rise significantly in the five months until May’s block reward halving, a new report claims.
The report is currently only available to the firm’s clients, with key findings uploaded to Twitter by co-founder Tom Lee on Jan 10.
Fundstrat expects over 100% BTC gains
“For 2020, we see several positive convergences that enhance the use case and also the economic model for crypto and Bitcoin — thus, we believe Bitcoin and crypto total return should exceed that of 2019”, an excerpt states.
Fundstrat continued:
“In other words, we see strong probability that Bitcoin gains >100% in 2020.”
The factors Lee and others identified focus on geopolitical tensions and the upcoming United States presidential elections, in addition to the halving.
Fundstrat took its cue from events last year, noting BTC/USD hit its high point amid tensions around Facebook’s Libra digital currency and negative comments on Bitcoin by president Donald Trump.
Bull catalyst or “non-event”?
As Cointelegraph reported, geopolitical factors form the basis for other commentators’ bullish Bitcoin price scenarios for this year.
As regards the impact of the halving, however, pundits are less united. Last month, Jason Williams, co-founder at digital asset fund Morgan Creek Digital, said May would prove to be a “non-event” for Bitcoin.
Williams appeared to contradict fellow co-founder Anthony Pompliano, who a month previously had claimed that even at $8,750, Bitcoin was yet to have the halving priced in.
A Lawsuit Alleging Tether and Bitfinex Manipulated the Bitcoin Market Has Been Dropped
A class-action lawsuit alleging Tether and Bitfinex manipulated the bitcoin market has been withdrawn by the plaintiffs.
A document filed Jan. 7 in the U.S. District Court for the Western District of Washington shows plaintiffs Eric Young and Adam Kurtz opted for voluntary dismissal of their case against Tether and Bitfinex’s parent firm iFinex. The case was originally filed on Nov. 22, 2019.
The plaintiffs, who both claimed to be bitcoin traders, alleged Bitfinex and Tether issued inaccurate information and «monopolized and conspired to monopolize the Bitcoin market.» Drawing heavily on the case brought by New York’s attorney general last April, they also accused the defendants of manipulating the market by printing unbacked tethers.
«When bitcoin prices were falling, Defendants and their co-conspirators printed USD₮s and artificially increased the price of bitcoin,» reads the original filing. «Once Defendants and their co-conspirators artificially inflated the price of bitcoin, Defendants and their co-conspirators then converted the bitcoin back into USD₮s to replenish Tether’s reserves.»
Bitfinex denied the accusations, describing the case as «mercenary and baseless,» stating it would contest any «nuisance settlements». A spokesperson from Bitfinex declined to comment on the dropping of the case.
It isn’t yet known why the plaintiffs decided to drop the case. U.S. law does allow them to re-file the suit, but it can never again be brought to the court if dismissed for the second time.
In November, Tether published a letter of intent to file a motion to dismiss another separate class action that seeks retribution for manipulating the bitcoin price, claiming damages of more than $1 trillion. The letter, released more than a month after the lawsuit was originally filed, claimed plaintiffs were unable to prove Tether or Bitfinex’s involvement.
While the dismissal document is not signed by the judge, the case has now been marked as terminated on Pacer, the U.S. court filings portal.
