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- Bitcoin will continue to grow driven by macroeconomic factors and could reach a new all-time high before the end of 2020.
- The price of Ethereum will rise after the official announcement of the launch of the Eth2.0 deposit agreement.
Crypto analyst and investor Lark Davis uploaded a new video with his predictions for November. Looking at the performance of Zcash, Cardano, Bitcoin Cash, Ethereum and Bitcoin, Davis recounted the factors that could make these cryptocurrencies the biggest winners of the month and even of the year.
The analyst first presented the bullish case of Zcash. The privacy coin has been stuck in a “dumping” circle since its launch. However, in November it will have a halving that will improve its economic model by reducing Zcash inflation. Therefore, an increase in the price of ZEC is expected:
This is going to be a big deal for ZCash because right now the inflation for ZCash is 26%, which is way above most other big cap cryptocurrencies. Therefore, halving the ZCash will reduce this inflation to around 13%. Still large, but far below current levels.
Cardano will also be a good investment for November. Davis expects progress in implementing smart contracts for the platform. Furthermore, he anticipated the creation of around 100 decentralized applications that will drive the price of ADA and the growth of the DeFi ecosystem on Cardano.
The company behind Cardano’s development, Input Output Hong Kong (IOHK), has established a roadmap for implementing smart contracts. Designed to launch with Cardano’s Goguen era that will add other important features as well, IOHK regards this advancement as one of the most important milestones for the platform.
Bitcoin Cash is another cryptocurrency to look at, according to Davis. Recently added to PayPal’s crypto services, BCH has seen a positive performance over the past month. Soon, the community could create a new hard fork that would divide BCH into BCHN once again.
Historically, this type of event has been bullish for the cryptocurrency. The forks are accompanied by airdrops that users take advantage of to increase their investment. Therefore, there is a brief increase in demand for the asset before its fork. The Bitcoin Cash hard fork has yet to be confirmed and remains a possibility, but it could be introduced on November 15th this year.
Ethereum and Bitcoin, imminent price hike?
Davis has been very optimistic about Ethereum and expects that an announcement will be made in the coming weeks about an official date for the activation of the deposit agreement to implement the Beacon Chain. In the short and long term, ETH pricing will benefit from the implementation of the Proof-of-Stake consensus protocol:
Ethereum 2.0 is thought to be just six to eight weeks away from the launch of Genesis, which means it is extremely likely that Ethereum 2.0 Genesis will launch this year. Specifically, we want to watch it in November as the launch date is likely to be announced overnight.
Finally, Davis predicted a new all-time high for Bitcoin. Driven by macroeconomic factors such as the US elections, the Covid-19 pandemic, BTC is consolidating as a safe haven. Davis added that Bitcoin’s technical indicators look “strong” as well as adoption levels.
For example, Davis highlighted the launch of PayPal’s crypto services and the investment of companies in the S&P 500, such as MicroStrategy. Since acquiring more than 38,000 BTC, the company has made a profit of $ 100 million and this “will not go unnoticed,” added the investor:
It seems more and more that Bitcoin is about to have a big bang year-end party. There is so much in line for Bitcoin to basically go to the moon and possibly reach a new all-time high.
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