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Bitcoin price prediction: Bitcoin price will go up as it was in 2017

Cryptocurrency adherents, the increase in the price of Bitcoin is driven by the imminent Bitcoin Halving, when the rewards received by miners (Bitcoin miners) when processing transactions are halved after May 12, 2020. The internet is filled with a countdown to half and this furor has even triggered an increase in the number of recruits . work for crypto companies around the world. Bitcoin's price increase is already close to $ 9,000 from around $ 6,000 last month, adding to its value by more than $ 1.3 billion.


"The narrative that takes place in the blockchain world is similar to the Force in Star Wars - mysteriously moving and shaping the market," said George McDonaugh, co-founder of crypto and blockchain investment firm KR1. "You can't be blamed for being a little excited about what's coming."

Bitcoin reductions, which slow down the speed at which new tokens are generated, occur every four years. The third incident will occur next week. Skeptics argue that crypto prices are highly volatile and difficult to pin down, which suggests that any appreciation must be rewarded first. But crypto enthusiasts quote from history.

Bitcoin has gone through 2 halvings, where the increase in the price of Bitcoin is very visible in the end. The largest token in the world has increased from about $ 12 to over $ 1,000 in the one year following half of 2012, and peaked again at around 1,000% in the second half of 2016, although then a decline can be seen as coins become more numerous. familiar.

The digital currency frenzy brought Bitcoin close to $ 20,000 a year after its second half in 2016 before finally crashing, and the coin is trading 50% below its all-time high in 2017.

But Bitcoin has historically hit a low of 459 days before halving, rising as it approaches half, and exploding higher afterwards, according to research from Pantera Capital. Rally (gradual rise) after an average half of 446 days - if history repeats itself, Bitcoin could peak in August 2021.

The growth in the number of Bitcoin wallets or wallets also increased by about 2% in April, the highest monthly increase since November 2019. By Nicholas Colas of DataTrek Research, there are two possible explanations: bored gamblers and sports gamblers find their way into cryptocurrency amid the virus lockdown. . Corona, while many are genuinely excited about this Bitcoin halving, he wrote in a note recently.

Price Prediction

To be sure, many crypto enthusiasts point to unprecedented monetary and fiscal stimulus issued by central banks around the world as a catalyst for rising prices. Whatever the reason, the recent advance (a significant uptrend) ushered in the return of the high price target Bitcoin could potentially reach.

Global Macro Investor Raoul Pal predicts the Bitcoin price increase could reach $ 1 million in the next 3-5 years. Although the halving is not the main key that provokes predictions, he can still be a potential racer.

"Bitcoin has become the best performing asset in recorded history," Pal wrote in his latest presentation. “This asset was born from the financial crisis for what happened in this crisis. That's what Bitcoin was created for. "

Jeffries LLC analyst Christoper Wood in his weekly newsletter "Greed & Fear" recommends that investors - including institutions - buy Bitcoin before it halves, citing the coin price that had previously jumped by about half.

"To invest in Bitcoin, it is important to believe that the system has integrity in the sense of a truly limited supply," he wrote. Digital tokens have to be a source of diversification "because they are truly decentralized," said Wood.

The venture capitalist Tim Draper predicts Bitcoin could reach $ 250,000 by 2022 or the first quarter of 2023. "Bitcoin adoption will spread because Bitcoin is a simple currency and better than any other political currency that is associated with government and political will," he said, citing fiscal stimulus. . and monetary as an accelerator allows the adoption of this crypto asset.

For Antoni Trenchev, co-founder and managing director of crypto lender Nexo, Bitcoin's price increase could reach $ 50,000 by the end of the year, representing a 470% increase from current levels. Although the halving has been appreciated, but over time it will get a big appreciation, he said. "Critics can ignore Bitcoin at will, but by far, Bitcoin is the best performing asset in the last decade," he said. "We are optimistic about the future."

Trenchev saw "huge" demand for its company's products due to the Bitcoin halving. "We are not recruiting because of the current halving. We are recruiting because the halving has driven Bitcoin up, and will continue to push it," he said.