Bitcoin Outlook for 2020: Bullish…No, Bearish!

By Vincent Zandri on ALTCOIN MAGAZINE

(courtesy MontyPython)

There’s a stunning scene in Monty Python and the Holy Grail in which the intrepid group of King Arthur Holy Grail-seeking Knights of the Round Table (pronounced in the old English kaaaaaniiiiigittts manner) come upon a “the old man from scene 24” who is the guardian of the Bridge of Death which spans the horrific Gorge of Eternal Peril. In order to cross over the bridge safely, the knights must answer “the questions three, errr, the other side he sees.” Should they get even one of them wrong, they will be cast into the gorge and made to suffer horrific eternal pain. Or so the story goes.

The first knight to challenge the old man is Sir Lancelot, who correctly answers all three questions which include, “What is your favorite color?” In fact, Lancelot makes it look so easy, that the easily frightened Sir Robin volunteers to go next. Unfortunately for him, the old man changes up by adding an impossible question to the mix. “What is the capital of Assyria?” Of course, Sir Robin doesn’t know the answer and he is flung like a rag doll into the gorge.

When Sir Galahad (portrayed by Michael Palin) bravely approaches, he is met with the three easy questions, including, “What is your favorite color?” He answers with a resounding, “Red.” But then he does something catastrophic. He changes his mind. He attempts to revise his answer by adding, “No, blue.” He is immediately flung into the gorge, never to be heard from again.

(courtesy Andrew Boynton)

Okay, so maybe it looks like I’m going out on a limb here, but it’s only the second day of the new decade and I’ve been seeing so many different predictions about where the Bitcoin price is headed that my head is spinning more rapidly than those knights being tossed into the Gorge of Eternal Doom. In fact, I’ve stopped looking at them.

I’ve heard everything from famous Bitcoin bear Craig Wright announcing that BTC is finished and dead to the world, to a rather popular YouTube Bitcoin Manager urging everyone to long everything they have, including the kid’s college education since the digital asset is about to moon as soon as the crystal ball drops on Manhattan.

Both have been terribly wrong. So far that is.

But then, allow me to back up a bit. It’s not that either of them are wrong. It’s just that there’s no real right or wrong answer. Just like Sir Galahad who isn’t quite sure what his favorite color is, no one on planet earth can state with any degree of accuracy where the Bitcoin price is going from hour to hour, or even day to day. Will it dump and pump? Or will it simply dump and go through another long, dreadfully boring period of accumulation? Or will it tank straight down to the Gorge of Eternal Peril?

One thing and one thing only is for sure: The Bitcoin Holy Grail does exist. But we may not see it for a long time. Long, as in a few years. The $20K Bitcoin will come. So will the $50K Bitcoin. And so will the $100K Bitcoin. It’s just a matter of time. But don’t bother with trying to outsmart the minute to minute trends in the meantime. This is a long quest, worthy of the fearlessness and tenacity of King Arthur’s Knights of the Round Table (Or Monty Python’s version of them anyway). But then, on many levels, it could also be a fool’s errand, dooming us all to the Gorge of Eternal Peril. Dooming our savings accounts anyway.

For now, just answer these questions three and the other side you’ll see:

1. What is your name? (My name is ________________)

2. What is your quest? (To seek life changing wealth with the help of Bitcoin)

3. What is the 2020 outlook for Bitcoin? (Bullish…No, Bearish!)

On second thought, don’t answer the last question. There is no right or wrong answer.