After a fairly good ending to 2019, Bitcoin has been on a good start in 2020. Since the start of 2020, the Bitcoin price has surged nearly 20% reaching closer to over $8,500 levels. At press time, Bitcoin is trading for a price of $8,534 with a market cap of $154 billion.
However, this has got many analysts and Bitcoin enthusiasts talking about future predictions. This has always been the case for Bitcoin which has been the darling of crypto investors over the last few years. A Twitter handle named ‘Mac’ recently said that Bitcoin has already bottomed out if it manages to hold $7,450 levels for the next 60 days.
Too long didn’t read:$BTC Bottom is in if $7450 holds for the next 60 days.
— Mac ❄️🐺 (@MacnBTC) January 10, 2020
Different analysts are giving different Bitcoin price predictions for 2020. These predictions differ with the most conservative one being $12,000 and the most optimistic being $100,000 in 24 months.
While many Bitcoin analysts are giving different price targets for Bitcoin, a position trader has made an ultra-bullish prediction recently. A trader named Bitcoin Macro recently tweeted his wild prediction for the Bitcoin price. He said that Bitcoin can easily breach $100K levels in the next two years by the end of 2021. Meaning, Bitcoin price will surge 1130% in the next 24 months.
Looking at Bitcoin’s historical chart patterns, we cannot completely ignore this. However, some analysts think that this can be a far-fetched prediction looking at the current scenario. Some of his followers clearly dismissed his predictions while the others asked him to back it with proper reasoning and data.
I can assure you that you are out of your mind.
— 𝗗𝗼𝗻_𝗕𝗮𝗿𝗮𝗳𝗿𝗮𝗻𝗰𝗮 (@don_barafranca) January 12, 2020
Popular Bitcoin bull Mike Novogratz, also the founder of Galaxy Digital, is giving much-consolidated targets for Bitcoin price this year. Novogratz predicts that Bitcoin can end this year 2020 around $12,000 levels.
Bitcoin Halving Can Provide Some Boost to the BTC Price
One of the major Bitcoin price triggers this year can be the Bitcoin halving event scheduled in mid-2020. Historically, Bitcoin’s performance after its previous halving events has been phenomenal.
Bitcoin halving is an event that occurs every four years as the mining rewards are reduced to half and the algorithm becomes more complex. This somehow triggers a sense of urgency among buyers to pocket more BTC tokens in their kitty.
After the first halving, the BTC price skyrocketed from $12.31 to $994. This is a whopping 8000% price gain for the world’s largest cryptocurrency. During the second Bitcoin halving event, the cryptocurrency repeated its previous show.
The BTC price jumped from $650.63 to hit its all-time high of $20,000 after the second halving.
Thus, it will be interesting to see how Bitcoin performs after its 2020 halving event in June this year.
Bhushan is a FinTech enthusiast and holds a good flair in understanding financial markets. His interest in economics and finance draw his attention towards the new emerging Blockchain Technology and Cryptocurrency markets. He is continuously in a learning process and keeps himself motivated by sharing his acquired knowledge. In free time he reads thriller fictions novels and sometimes explore his culinary skills.