Over the past 12 hours, Bitcoin (BTC) has bounced back, retaking $8,000 in a decisive fashion. With this latest move in mind coupled with fundamental developments, analysts are starting to become rather bullish on the cryptocurrency markets.

In fact, one top industry research firm suggested in a piece that the leading cryptocurrency could end 2020 up over 100%.

Related Reading: Why Analysts Think Bitcoin Price On Verge of Crash to $6,000

Why Bitcoin Could Appreciate 100% in 2020

Fundstrat Global Advisors, a top market strategy and sector research company based in New York, recently released its 2020 Crypto Outlook to its clients. While the full report is only available for the company’s clients, Thomas Lee, the firm’s resident crypto bull, released a portion of the report on Twitter.

Per that segment, it was revealed that Fundstrat believes that Bitcoin has a “strong probability” of gaining over 100% in 2020 due to a confluence of factors. The firm looked to three primary factors to back their bullish thesis for BTC: The crypto-friendly firm first looked to the so-called “halving” or “halvening,” when the block reward of Bitcoin gets cut in half, effectively resulting in a 50% decrease in the inflation rate of the leading cryptocurrency. The event is taking place this year. As to why, exactly, this is bullish, we did a whole article at that at this link. Not to mention, a price model created by pseudonymous quant PlanB, accurate to a 95% R squared when backtested, suggests BTC’s fair value will rise to $50,000 after the May 2020 halving.

Geopolitical risk may be a boon for Bitcoin, Fundstrat wrote. Indeed, with the ongoing conflicts between the U.S. and China, the U.S. and Iran, and other spats taking place, BTC may begin to prove itself as a digital, non-sovereign store of value in these trying times.

And lastly, the firm looked to the 2020 elections. This point was not expanded upon, though there are notable a few candidates who are more crypto-friendly than others, such as Andrew Yang. We published our 2020 Crypto outlook and made the full report available for our clients. – bottom line: financial markets tend to discount 1-3 months, and maybe 6 months (max). So highest probability is halvening not priced in

Cc: https://t.co/YRDQQ7TSzv $BTC #bitcoin #BTFD pic.twitter.com/i6sOIVQoc0

— Thomas Lee (@fundstrat) January 10, 2020 Related Reading: Elon Musk Just Dropped the Bitcoin Bomb On Twitter, Again

Fundstrat Isn’t the Only Bull

It isn’t only Fundstrat who’s extremely bullish on Bitcoin for 2020 and expects for the cryptocurrency to gain 100% in the next 12 months.

Per previous reports from this very outlet, analyst Financial Survivalism, who called Bitcoin’s rally to the $8,000s when the cryptocurrency was in the low-$7,000s, recently remarked that the technicals suggest a strong bull trend is forming. He pointed to the following technicals: The Lucid Stop and Reversal has printed a bullish candle for the first time since July 2019, when BTC was trading well above $10,000.

The Average Directional Index on a daily basis has seen the first bullish crossover since March 2019.

The one-week Relative Strength Index for Bitcoin is “getting ready to test 50,” a level that if broken through may imply dramatic upside.

The one-day Ichimoku Cloud has formed a bullish TK cross. With these in mind, he wrote that the cryptocurrency could retest its $20,000 high by July 1st.

Related Reading: XRP’s Epic 12% Rally is Bullish for Ethereum Price; Here’s Why

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