As the Bitcoin 2020 halving approaches, a new and bullish forecast has put BTC price close to $16,00 before this highly-anticipated day.
While there has never been a shortage of Bitcoin bulls, these extremely optimistic forecasts are always worthy of note whenever they are publicized. Recently, a popular crypto trader simply known as Filb Filb made a very interesting bitcoin forecast ahead of the upcoming 2020 halving.
Halving or not the market is always awash with bullish predictions for Bitcoin’s value even in the most disappointing bear markets. However, Filb Filb almost always stands out.
Predicting 2020 Halving Price for Bitcoin
The unknown crypto analyst has gained some popularity over the years for his accurate predictions. Back in 2018 he rightly predicted that Bitcoin price will fall to $3,000 at the lowest point of the bear market.
He followed this with another interesting one last year. His forecast suggested that Bitcoin would cross $9,000 and fall back somewhere around $6,000 at the end of the year. He then said that by early 2020 Bitcoin will see $9,000 again. So far, Filb Filb has been spot on.
Bitcoin Will Near $16,000 Ahead of 2020 Halving
According to the analyst in the new Decentrader edition, Bitcoin is currently on its way to $15,800. What’s more, is that Filb Filb believes that Bitcoin could hit the mark before the halving event.
The analyst’s main reason for this prediction is history. He points out that before Bitcoin’s last halving, its price correlated with a 78.6% Fibonacci Retracement. Mirroring this in 2020 will lead to $15,800 before the halving in May.
“We can see that the pre halving ultimate top was around $800, or the 78.6% fib retracement. While history never repeats but often rhymes, this would actually put a top in around $15.8k”
Bitcoin Continues Strong Performance
Probably in preparation for the halving, Bitcoin has started putting on an interesting show. Data from Skew market analysts show that trading platform Bakkt is having a field day. Monthly Bitcoin futures open interests on the Intercontinental Exchange (ICE)-operated platform hit a new $13 million record. This beats the previous $12 million record set a few days ago on Feb. 3.
The coins market value alone has jumped by 19% in the last two weeks. Bitcoin is also currently trading at $9,747 maintaining an increase streak.
In addition to the momentum, Bitcoin whales are moving big. Recently, these whales moved almost $2.4 billion (248,360 BTC) in Bitcoin in only five transactions.
Bitcoin Halving Countdown
The halving is currently the most anticipated event in the market. Right now, a live countdown shows that the halving is expected on the 12th of May at exactly 03:27:30. It, however, does not specify any time zone.
There are other live countdowns quietly counting away including one from Binance and another from BraveNewCoin. The latter is however very interesting as it shows multiple scenarios for the exact date and time of the halving. BraveNewCoin’s countdowns arrive at four dates based on different block time metrics. The dates are the 7th, 8th, 10th and 20th of February.
Tolu is a cryptocurrency and blockchain enthusiast based in Lagos. He likes to demystify crypto stories to the bare basics so that anyone anywhere can understand without too much background knowledge.
When he’s not neck-deep in crypto stories, Tolu enjoys music, loves to sing and is an avid movie lover.