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Bitcoin’s precarious status as a “safe haven” asset appears to be shaken by the coronavirus outbreak. Indeed, many analysts and influencers believe that if Coronavirus continues to spread, the Bitcoin price will continue to spike as people move their assets from fiat currencies and other markets into BTC. Moreover, few speculations from outside markets surrounding the outbreak might lead traders to buy BTC in an attempt to make a quick profit.
From the past couple of days, it seems like BTC bulls have taken over the market. Currently, the Bitcoin price has crossed $7k. On the other hand, we can see many crypto influencers are optimistic about the Bitcoin rally.
BTC will reach $10,000 Says, Bobby Lee
Bobby Lee, Crypto exchange founder, Ballet crypto wallet company CEO and founder, and member of the Bitcoin foundation’s board of directors sees a bright future with prices of BTC flying high.
According to Lee’s expectations, Bitcoin will hit $10,000 by its block reward halving in May. He also predicted a $25,000 price tag for BTC by December 2020.
Lee said, “I expect a huge surge in demand for cryptocurrency over the next few weeks as Bitcoin’s inflation reduces with the block halving while governments continue to inflate currencies to solve the economic impact of the global pandemic. As a greater amount of fiat money chases a limited amount of goods and services, a notable increase in inflation is certain, which will cause sensible investors to turn to Bitcoin as a safe haven to preserve their purchasing power,” keeping in mind the ongoing health status of the world.
Similarly, positive price targets for Bitcoin have been projected by Lee, on other occasions as well. In a tweet last November, the CEO forecasted that the asset will hit $500,000 by 2028.
With Bitcoin halving approximately one month away, much of the crypto space expects higher prices, in line with previous halving outcomes.
Lee referred to the previous halvings that were accompanied by upward price action, by saying,
“When new supply is cut in half and demand stays the same or rises, a price increase is a certainty. An increase of 25% to 50% by the third halving in May is a very modest expectation.”
However, the asset’s halving along with current worldwide conditions could see crypto’s pioneer asset rank higher than it does all-time.
“I am convinced bitcoin will exceed its $20,000 peak from late 2017 to reach a new all-time high of $25,000 by the end of 2020,” Lee further added.
Ballet, Lee’s wallet outfit, will conduct several promotions in light of the halving and future BTC prices.
What’s your view on BTC price post halving? Well, it would be interesting to see if this prediction will be real or just remain a prediction.