Bitcoin has lost a tenth of its value in first quarter of 2020
Even though bitcoin halving is approaching, analysts are not very optimistic on bitcoin value increase.
According to analysts, there is 16% chance that bitcoin will surpass $10,000 this year. Yet, the probability that bitcoin hit a three-year record of more than $20,000 is much lower. Analysts talk about a probability of only 4%.
Moreover, markets signal that neither bitcoin nor any crypto currency rally could happen. Markets are now expecting bitcoin halving, taking place in half of May. During halving, bitcoin mining drops to half, which should help bitcoin price rise.
The announced stimulus package offered by the Federal Reserve, providing more than $2 trillion to the U.S. economy, paints a good picture for bitcoin growth. As such, bitcoin could become a safe haven against expected inflation. Crypto markets are contending with volatile markets since coronavirus pandemic outbreak.