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Crypto-Analyst’s Prediction on Bitcoin Prices This Year

After the recent rise and fall out of the Bitcoin prices, Bitcoin is believed to regain its highest ever attained position. Some say it is possible by the end of 2020 but some believe Bitcoin requires still more time to reach the heights.

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Many crypto enthusiasts predicted the Bitcoin price to reach the $20,000 mark by Dec 2020 considering may facts and calculations. At the same time, some of the investors too said that Bitcoin would surely see a rise in the prices but it may take time.

Bitcoin Price to Reach $20,000

Many crypto-traders, investors or influencers considering some technical facts analyse the price of Bitcoin in the future. Some of the technical facts point of the same behaviour of Bitcoin as in the last year 2019, Bitcoin’s price graph shows a similar rise and fall points by which the price analyst say that the prices can reach $20,000 by the end of December 2020

Bitcoin could rise by more than 100% considering the fundamental and technical factors. The factors can be analysed as, the increasing tensions between the U.S and China which will probably affect the digital Yuan. Other reason could be new upcoming projects similar to Bitcoin like Facebook’s Libra. On the other hand, many governments have stepped up to bring the cryptocurrencies within a regulatory frame which will surely enhance the stability of the digital currencies.

Bitcoin Prices Will Rise but Not till Dec 2020

On the other hand, some of the investors studied Bitcoin price behaviour in the past two Bitcoin halving events. Although the Bitcoin prices have gone down at present, the investors expect a price surge in the coming future. 

According to their analysis, after the first bitcoin halving in November 2012, Bitcoin price raised from $10 to $1,160 but it took 12 months. During the second halving in July 2016, Bitcoin saw a jump of 300% from $650 to $2,800, yet again it took the same time.

“It may take six to 12 months for the investors to reap the rewards of post-halving price movements,” said Lennard Neo, head of research at Stack Funds

The investors believe that since the halving has reduced the miners block rewards by 50%, which has also affected the supply of bitcoin, the miners to need time to settle down. Some of the miners probably might not be in a position to afford the mining cost like equipment or electricity cost, etc.

Overall it Maybe Said,

All of the crypto followers believe that the price of Bitcoin is going to rise high and would reach the heights. But the timeline might vary depending on the analysis they follow. Before halving it was quite possible to reach the $20,000 mark but Bitcoin halving has lowered the speed of rising. Hence we need to wait and watch.

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Elena R

Elena is an expert in technical analysis and risk management in cryptocurrency market. She has 10+year experience in writing - accordingly she is avid journalists with a passion towards researching new insights coming into crypto erena.

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