<a href="https://www.cryptoknowmics.com/crypto/a-comprehensive-guide-for-bitcoin-and-blockchain/">Bitcoin</a> stormed into mainstream media attention after the huge Bull Run in the last month of 2017. The price catapulted from $9,410 at the start of the month and peaked near $20k by the end of it. The massive price surge caught the attention of the masses even though BTC has been in the public domain since 2009.  The huge bull run prompted many early investors to predict unrealistic prices ranging in hundreds of thousands of dollars.

Contrary to common belief, 2018 turned out to be the longest crypto winter where Bitcoin along the whole <a href="https://www.cryptoknowmics.com/crypto/unicef-launches-un-first-cryptocurrency-fund-initiative/">cryptocurrency</a> market lost more than 80% of their market capitalisation. BTC might have ended 2018 at around $3,500 mark, but the longest crypto winter also helped in making Bitcoin a more reliant and stable asset. Bitcoin was often looked down upon by banks and the financial institution, calling it a bubble and very high volatile asset.  However, these so-called naysayers came around to join the crypto game.

The longest crypto winter ensured that media reports, hypes and speculations no more dominated Bitcoin price. Apart from that at the crypto winter was also responsible for rooting out fake tokens and Ponzi scheme. Overall, the crypto winter made Bitcoin a more reliable asset.

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<h2>People Hoped for Another Massive Bull Run in 2019</h2>
The crypto winter wiped out 80% of the crypto market, and thus people had high hopes from 2019. Many self-proclaimed crypto pundits again started the prediction game, especially after BTC reached above $13k mark in June. However, market analysts who had been closely monitoring BTC price charts and patterns over the years made it clear that 2019 will be the year of consolidation and BTC would close the year around $10k mark.

As we near the end of the year, its quite clear that the predictions of a massive bull run won't come true, given BTC price fell below $7,000 mark today. However, despite Bitcoin price not registering any considerable bull run in 2019, the year was far more critical in terms of crypto adoption. 2019 for sure would be remembered as the year of institutional investors making a foray into the crypto space. The year saw institutional investors adding Bitcoin to their investment portfolio to minimise the risk.

Institutional investors have claimed that 2018 bear market cut down the volatility factor by a significant margin which allowed them to invest in the currency. 2019 also saw several derivative products of Bitcoin gain popularity in the market, be it Bakkt physically settled Bitcoin Futures Contracts, or the Binance Futures market recording billions in daily volume.

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<h2>Why 2020 Could be the Year of Bulls?</h2>
Many who predicted the Bitcoin price to sky-rocket in 2019 made their assumptions because of the Block Reward halving scheduled for the first quarter of 2020. Block Reward halving is considered highly bullish event since it would cut down the supply of Bitcoin produced per block by half.  However, people started to raise their doubts as Litecoin's block reward halving in August this year did not impact its prices.

A crypto analyst who goes by the name "Plan B" came out to explain why Litecoin was unable to see any impact on its prices and how Bitcoin won't meet the same fate. The trader said that Litecoin had not seen any development work in the recent past, and the community was losing hope in the project which was one of the main reasons behind Litecoin's dismal performance on the price charts.

On the contrary, Bitcoin stats shows that the network is recording all-time-high mining activity and hash power input, along with continued development work. Apart from that, Bitcoin is a scarce commodity only behind gold in the stock-to-flow ratio. Stock-to-flow measures the scarcity of an asset where Bitcoin is only placed behind Gold. While Gold has been existence for hundreds of years, Bitcoin is merely ten years old, and its scarcity will increase with every block reward halving. Currently, Gold has the highest value of 62, while Bitcoin is at around 27.  The projected stock-to-flow value of Bitcoin after 2020 halving is expected to reach 55.92 and surpass Gold by 2024 halving.

<img class="wp-image-152947 size-full" src="https://www.cryptoknowmics.com/news/wp-content/uploads/2019/12/45c44740c5cf11d0fbb621001ea8400f.png" alt="" width="600" height="387" /> 

Source: <a href="https://www.getrevue.co/profile/zpx/issues/understanding-bitcoin-s-stock-to-flow-ratio-179035">Getrevue</a>

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At present, BTC's price is following the stock-to-flow chart despite today's fall below $7k. Plan B has also pointed out similarities between the network stats during 2017 bull run and the current market, be it mining activity or market dominance. He has predicted that Bitcoin would start to see an uptick in its price after the scheduled halving in May and may reach as high as $100,000 if the stock-to-flow ratio is considered.
<h2></h2>
<h2>Conclusion</h2>
Bitcoin has proved most of its critics wrong just by existing, as many in the past have claimed it to be an internet bubble which would eventually burst.  However, when Bitcoin defied all their prediction and did not die during the longest crypto winter, the same naysayers like JP Morgan came around to launch a cryptocurrency of their own.  The longest crypto winter in 2018 helped Bitcoin become a more stable asset class by cutting down the volatility factor, which attracted even institutional investors to the cryptocurrency space.

The value of Bitcoin is derived from its acceptance, and 2019 has been that year where European countries like France and Germany have decided to exempt crypto-to-crypto trade from any tax. As for the bull run, the stock-to-flow chart predicts the bull run to start after the halving period.

Bitcoin was consolidating in 2019, Bull Run Due for 2020

After the longest crypto winter in 2018, people had high hopes of a massive bull run in 2019, however it seems the next bull run would arrive in 2020.

An engineering graduate, Prashant focuses on UK and Indian markets. As a crypto-journalist, his interests lie in blockchain technology adoption across emerging economies.

Bitcoin was consolidating in 2019, Bull Run Due for 2020

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