Bitcoin (BTC) 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.

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.

Fundstrat expects over 100% BTC gains

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.

“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.