A new year means new opportunities. It is a perfect time to get your resolutions straight and make up for past underachievements and hope for the best. But while there are some things that we can control and improve, the Bitcoin price remains wayward and unpredictable.
However, that doesn’t stop people from guessing and making all sorts of assumptions regarding the price of the main digital cryptocurrency.
For what it’s worth, there’s no lack of Bitcoin price predictions for 2020. Some of them seem reasonable, others were clearly made to cause media hype, but one thing is certain – as long as Bitcoin stays highly volatile, people will continue to tell fortunes.
So if you’re into all this guesswork, we’ve prepared a selection of Bitcoin price predictions for 2020. And no, it’s not financial advice nor a call to action, we actually encourage you to think twice before investing.
Bitcoin Price Prediction 2020: Positive, Yet Down To Earth
A recent tweet of Michael Novogratz, a financial guru and ex Fortress Investment Group hedge fund manager, made quite a few headlines.
Apart from commenting on the future of Trump, USA Wrestling, Tom Hanks, and Reform Alliance, he made a prediction that in 2020 Bitcoin will manage to reach $12,000. Frankly speaking, it is quite a humble assumption, considering his bullish moods we witnessed throughout the course of the year.
In the past, some of his humble Bitcoin price predictions happened to come true and his most recent sounds reasonable.
Tone Vays, a veteran of crypto trading, in a recent interview with BlockTV, suggested that a Bitcoin price increase is possible if new people start entering the market. Not sure what the future holds for the number one crypto coin, Tone Vays is careful in his Bitcoin price predictions:
“There will be ups and downs in the price of Bitcoin but I think it will be a struggle to get over that 10k. I could be wrong but once we do go over the 10k, the price will rise quickly.”
Andy Cheung, Head of Operations at OKEx is hoping for the long-awaited Bitcoin ETFs to have a profound effect on the price of the biggest digital currency:
“We do believe by year-end 2020, we will see a Bitcoin ETF listed in the United States. This event could be the catalyst to push Bitcoin above $14,000. One of the main drivers for this expectation is that similar ETFs have already been approved in Europe.”
At the moment, only blockchain ETFs are listed in the US and they’ve remained in relatively good demand. There is a good chance that Bitcoin ETFs could actually cause a rise in prices.
Bitcoin Price Prediction 2020: Bullish
Surprisingly, some bold predictions come also from rather unexpected sources. The German bank BayernLB was doing research on the Bitcoin and gold connection and the author made some positive assumptions in favor of the digital coin:
“If the May 2020 stock-to-flow ratio for Bitcoin is factored into the model, a vertiginous price of around USD 90,000 emerges. This would imply that the forthcoming halving effect has hardly been priced into the current Bitcoin price of approximately USD 8,000.”
Some think that the upcoming Bitcoin halving event is going to have a dramatic effect on Bitcoin’s price. However, many agree it is not going to happen in a day, the moment the price starts moving is likely to happen before or some time after the halving takes place.
Robert Beadles, President at Monarch, is one of those who feel that halving will make the price of BTC go upwards. Although bullish, he’s not aiming for the moon:
“I think Bitcoin’s halving in May could spike the price. I expect to see Bitcoin reach $11,000 around this time. The communities that believe in Bitcoin will continue to HODL, regardless of price fluctuations, and by now it’s clear that Bitcoin has proven itself as a long-term investment and store of value.”
On the other hand, Tim Draper, a well-known VC investor, who has made a few successful guesses in the past, presumes that Bitcoin will skyrocket a few years after the event:
“It looks like it will be something like six months to a year after the halving that we will cross $250,000 per bitcoin…it is pretty likely we are going to hit $250,000 by the end of 2022 or early 2023.”
If you think that sounds unrealistic, we can assure you that there are many way more overwhelming price predictions out there.
Take, for example, John McAfee, the controversial, hype-seeking founder of McAfee Associates, with his irrational $1 million Bitcoin price prediction and provocative promise in the event his prediction fails to deliver. The internet, however, loves absurd, and there’s no wonder someone even made a website with a countdown.
The Bottom Line
The first week of the year has been generous to Bitcoin fans and gave crypto traders a chance to harvest some quick gains. Some say that once again we’re entering the bull market, others associate it with the US and Iran conflict and try to guess what happens after.
It seems like cryptocurrency experts, traders, and analysts are always ready to share their Bitcoin price predictions with the public. Apart from analyzing the market’s dynamics, very often (if not always) they make assumptions based on their personal feelings and beliefs, that’s why they vary so drastically.
The truth is that Bitcoin’s price is composed of many factors, many of which are almost unpredictable. So when you make your investment decisions, the best way to do it is to go with your gut and be reasonable.