The year 2020 will be when the bitcoin halving will take place. Here is what the most popular characters in the crypto world are saying about the hottest topic of the moment: the bitcoin price prediction for 2020.
For one thing, it is possible that the bitcoin halving itself may generate different effects. Halving is the process whereby the rewards for miners who generate new bitcoins will be halved.
In this regard, Alistair Milne lists 5 possible scenarios that he believes could occur in view of the halving date of May 14th, 2020.
Things I expect to happen over the next 4-5 months due to the impending Bitcoin halving:
– BTC shorts close out
– People re-accumulate BTC if they had sold
– Miners start to hoard (e.g. borrow USD against assets)
– Under performing altcoins sold for BTC
– Bulls lever up
— Alistair Milne (@alistairmilne) December 16, 2019
“Things I expect to happen over the next 4-5 months due to the impending Bitcoin halving:
- BTC shorts close out
- People re-accumulate BTC if they had sold
- Miners start to hoard (e.g. borrow USD against assets)
- Under performing altcoins sold for BTC
- Bulls lever up”.
However, this vicious cycle does not include numbers. Something instead that other characters of the crypto world have always considered and expressed for years.
John McAfee is optimistic and doubles the stakes when it comes to bitcoin, stating in his latest forecast that the price will rise to $2 million by the end of 2020.
But McAfee isn’t the only one who is out of balance and doubling the price. Recently, entrepreneur Tim Draper also doubled his prediction that the bitcoin price would rise to $250,000 by 2022.
According to Draper, the bullish price increase could occur as early as the end of 2020, once the halving has metabolised.
In contrast, Tom Lee, head of research at Fundstrat Global Advisors, had expressed his forecast in March 2018. Lee, after showing an impressive database, statistics and charts on bitcoin, had stated that the price of BTC could rise up to $91,000 by March 2020.
It is worth noting, however, that according to Lee, BTC should have reached $25,000 by the end of 2018, when the price failed to exceed the $4,000 threshold. Let’s see if he has better luck in the coming year.
Finally, another opinion is offered by Anthony Pompliano, co-founder of Morgan Creek Digital, and which won’t be possible to verify next year. According to what emerged in his debut during the AIBC conference, Pompliano predicted that the price of bitcoin will rise to $100,000 by the end of 2021.