Bitcoin will continue to rally driven by macroeconomic factors and could reach a new all-time high before the end of 2020.Ethereum price will increase after the official announcement of the Eth2.0 deposit contract launch.
Crypto analyst and investor Lark Davis uploaded a new video with his predictions for November.Reviewing 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 the year.
The analyst first presented the bullish case for 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’s 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 like 26%, which is way above most of the other big cap cryptocurrencies.Thus the ZCash halving will reduce this inflation down to around 13%.
Still big, but way less than the current levels.
Cardano will also be a good investment for November.Davis expects progress on the deployment of smart contracts for the platform.In addition, it has anticipated the creation of about 100 decentralized applications that will drive ADA’s price and the growth of the DeFi ecosystem on Cardano.
The company behind the development of Cardano, Input Output Hong Kong (IOHK), has established a roadmap for the deployment of smart contracts.Planned to be launch with Cardano’s Goguen era that will also add other important features, IOHK considers this advance as one of the most important milestones for the platform.
Bitcoin Cash is another crypto to look at, according to Davis.Recently added to PayPal’s crypto services, BCH has seen a positive performance in the last month.
Soon, the community could make a new hard fork that would once again divide BCH into BCHN.
Historically, this kind 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 the demand for the asset before its fork.The Bitcoin Cash hard fork has yet to be confirmed and remains a possibility, but could be introduced on November 15 of this year.
Ethereum and Bitcoin, imminent price rally?
Davis was very bullish about Ethereum and expects that an announcement will be made in the next weeks about an official date for the activation of the deposit contract to deploy the Beacon Chain.In the short and long term, ETH’s pricing will benefit from the implementation of the Proof-of-Stake consensus protocol:
Ethereum 2.0 is now thought to be only six to eight weeks away from Genesis launch meaning that it is exceedingly likely that the Ethereum 2.0 Genesis is going to launch this year.In particular, we want to watch this in November since the launch date is likely to be announced any day now.
Finally, Davis predicted a new all-time high for Bitcoin.Driven by macroeconomic factors such as the U.S.
election, the Covid-19 pandemic, BTC is consolidating as a safe haven asset.Davis added that Bitcoin’s technical indicators look “strong” as well as adoption levels.
As an 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 BTCs, the company has made a profit of $100 million and this “will not go unnoticed,” the investor added:
It is increasingly looking like Bitcoin is about to have a big bang end of year party.There is so much lining up for Bitcoin to basically go to the moon and possibly hit a new all-time high.
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