Cryptocurrencies are widely considered to be speculative investment vehicles. Traders can make – or lose – good money by betting on the future value of altcoins and the Bitcoin price.
Since 2017, the Bitcoin price has not seen a new all-time high. Community members are convinced it is only a matter of time until history repeats itself. The following Bitcoin price predictions for 2020 offer insights as to where the world’s leading cryptocurrency could go in the next twelve months.
#1 John McAfee Expects a $1m Bitcoin Price
The opinions on how much value one Bitcoin should have are all over the place. Some financial experts see it as a worthless form of investment. Others, such as John McAfee, expect the currency to hit a value of up to $1m by late 2020.
When I predicted Bitcoin at $500,000 by the end of 2020, it used a model that predicted $5,000 at the end of 2017. BTC has accelerated much faster than my model assumptions. I now predict Bircoin at $1 million by the end of 2020. I will still eat my dick if wrong. pic.twitter.com/WVx3E71nyD
— John McAfee (@officialmcafee) November 29, 2017
While it is not impossible to hit that target, it will be difficult. As of today, one Bitcoin is valued at just over $9,200. It has hit an all-time high of nearly $19,700 in late 2017. Ever since, the currency has struggled to surpass the $13,000 threshold in a convincing manner
#2 PlanB Predicts $55,000 After the Halving
For those who are unfamiliar with Bitcoin, there is a crucial event occurring in 2020. The rate at which new bitcoins will be generated on the network will be cut in half. During previous block reward halving, the value of Bitcoin noted some interesting changes. It is expected this will occur again and result in a massive price push.
As outlined by PlanB in March of 2019, there is a chance the Bitcoin price will hit the $50,000 mark at some point in 2020. It is possible the reward halving will have this kind of impact, albeit there are no guarantees. The 2016 halving had far less of an impact compared to the one in late 2020. It is not necessarily the most reliable metric to go by.
#3 Tom Lee Preaches how $97,000 is Viable
Many people would not mind to see a Bitcoin price of just under $100,000. Even at that value, it would turn Bitcoin into a market valued at less than $20tn in total. A very plausible figure, given the current financial turmoil taking place on a global scale. Tom Lee, the co-founder of Fundstrat Global Advisors, expects the Bitcoin price to hit $97,000 in 2020.
It is worth pointing out this figure is not calculated randomly. Fundstrat uses historical data associated with Bitcoin’s market performance after a steep dip. In the financial industry, markets tend to repeat themselves in cycles every now and then. That makes this scenario believable, albeit one has to wonder if it will occur in the next twelve months.
Predictions Aren’t Always Reliable
Despite how interesting it is to hear people’s Bitcoin price expectations, these predictions are not investment advice. More often than not, predictions like these are off the mark by quite a margin. This is particularly true as far as cryptocurrencies are concerned. Volatile markets like these are incredibly difficult to predict and anticipate. Any price targets shared by experts or other individuals need to be taken with a grain of salt.