Bitcoin Price Prediction

Anisa Batabyal
| 23 June, 2020 | 2 min

Since the third Bitcoin halving, Bitcoin has been acting a bit on the edge and has been hovering around $9k mark. But now Bitcoin has been showing signs of revival, as per the  Bitcoin resistance and support levels in trading view. The Fibonacci levels are lining up to 50%, which is a sign of accumulation, that follows after the bull market. Bloomberg has been always vocal about their Bitcoin prediction and they believe the increased institutional participation and the maturity of the bitcoin market is accelerating Bitcoin towards upward move in prices.

Bitcoin-based trading instrument- Grayscale Bitcoin Trust (the largest asset-under-management) has consumed around 25% of the total coins mined since May 11 Bitcoin halving, as per analyst Kevin Rooke.

Table of Contents

Bitcoin Halving Explained

Bitcoin Halving is the phenomenon in which the miner reward keep on halving, or decrease by 50% after every four years, which happens after mining 210,000 blocks. Satoshi, the creator of Bitcoin wanted to create a system that would be self-sustaining, similar to gold mining. So, in order to control supply, he came up with the method of Bitcoin halving. The 3rd Bitcoin Halving just got over, a few days back., where the block reward reduced from 12.5 BTC to 6.25 BTC. The crypto space was filled with hysteria, as prior to the halving process, Bitcoin touched the 10,000 USD mark. 

Top Crypto Traders' Prediction on Bitcoin Price 

Let's understand what is the Bitcoin price prediction for 2020 and the next 5 years. As the market is experiencing volatile conditions, we should back up the prediction with the market experts, who have been the mind and heart of the cryptocurrency market.

Let’s take a look at the famous Bitcoin predictions:

#1 Tom Lee Bitcoin Price Prediction

Tom Lee, ex-Chief Equity Strategist JP Morgan, and Co-founder and head of research of Fundstrat, believes that after the Bitcoin halving event, which is expected to happen in May 2020, Bitcoin can deliver 100% returns to its investors in 2020. He recently predicted Bitcoin's short-term potential while speaking to Yahoo Finance, where he believes BTC might hit an all-time high of $27,000 by summer, 2020.

#2 Max Keiser Bitcoin Price Prediction

Max Keiser, a very loyal Bitcoin supporter, and influencer has given a super optimistic prediction that Bitcoin might go a long way and might reach $4,00,000, in spite of several roadblocks and obstacles.

#3 Bobby Lee Bitcoin Price Prediction

Bobby Lee, CEO of China’s first exchange- BTCC said before that it would take 20 years for BTC to reach $1 million. Now his prediction totally changed. Bobby Lee, the co-founder of BTCC (Hong Kong-based Bitcoin exchange) and the brother of Charlie Lee, Litecoin creator gave an extremely bullish prediction but started with bearish though. He claims that Bitcoin might pick up from late 2020 and could reach $333,000 in 2021 and then fall down to $41,000 in 2023. He iterated that the market capital might reach $7 trillion, that might surpass the market cap of gold. He even mentioned that Bitcoin would lead to price stability and global liquidity in the coming years.

#4 John McAfee Bitcoin Price Prediction

John McAfee has been one of the stagnant Bitcoin enthusiasts, who now and then comes up with his prediction. He recently became more optimistic than ever and said that Bitcoin might reach 1 million USD by 2020. Other altcoins like Apollo and MTC might rise 10X more, as said by this BTC enthusiast. He recently stated that his past Bitcoin prediction of 1 million USD was just a ruse.

In an interview with Cointelegraph, McAfee predicted that 10 years from now, “there'll be no fiat anywhere in the world [...] everything will be cryptocurrency.” 

#5 Tim Draper Bitcoin Price Prediction

Tim Draper, one of the renowned Venture Capitalist predicted that Bitcoin could occupy 5% of the currency market by 2023. He is optimistic that the Bitcoin price might grow as much as $250,000 by 2023. 

#6 Bloomberg

A Bloomberg analyst predicted Bitcoin to reach as high as $20k this year, and that has been defended by many crypto enthusiasts.

Bitcoin Bullish Scenario After Bitcoin Halving

Bitcoin went bullish after the third Bitcoin halving on May 11, 2020. That was a breakout of the major trendline above $14k mark, which happened back in 2017. Under a key level of $10k, the Bitcoin price showed extreme volatility. 4 years back, when the 2nd bitcoin halving took place, Bitcoin's price showed volatility as well, as it surged not right after the halving process, but over the course of next year to reach as high as $2526 on July 2017.

Short Term Bearish Scenario Post Bitcoin Halving

There was a short term bearish scenario as several Bitcoin investors estimated BTC to fall as low as $6500. As per "Dave the Wave", a BTC trader, if the price of Bitcoin continue to move based on a fractal taken from 2019, it might pullback to the $6000 region. Cryptocurrency investor, Scott Melker said, the market observed a strong shakeout on May 10, when the price of BTC suddenly dropped to $8,100.

Bitcoin Live Forecast: Live Bitcoin Price 2020

  • BTC/USD Live Price

Currently, the BTC/USD live price suggests that Bitcoin (BTC) is trading at $9,385.89 USD  with a BTC price of 0.17% up today. The market cap of Bitcoin is USD 172,807,636,293 with 18,411,437 BTC circulating currently. The 24-hour price movement chart indicates that $16,790,150,079 worth of BTC was trading. (Bitcoin price prediction today USD). You can check the Bitcoin hourly price prediction or Bitcoin price live on any of the sites.

  • BTC/INR Live Price

Currently, the BTC/INR Live price suggests that Bitcoin (BTC) is trading at Rs 7,13.080.32  with a BTC price of 0.17% up today. 

Our Verdict On Bitcoin Price Prediction

Even though Bitcoin has been experiencing frequent fluctuations, we believe that Bitcoin will soar up as per the predictions stated above. There are several reasons which led to Bitcoin’s price fall like Bitcoins being used for illicit purposes and so many past mishaps like hacking and thefts. Pros outperformed the cons, hence Bitcoin is still the market leader, bagging the number one position and maintaining its position. Bitcoin might reach the $23,500 mark supposedly by the end of 2020 as the year holds good prospects and development for BTC like NASDAQ launching BTC future, that too in the very beginning of 2020.

Bitcoin Price Prediction 2021

Bitcoin has been performing quite well and recently it has started with its bull run. This has taken the market by amazement. Now the traders and investors are in a state where they are trying to make optimum utilization of the bull run. The more the trading, the more the price. Moreover, as we know, Bitcoins are scarce in circulation, i.e. there can be only 21 million Bitcoins mined, out of which 17 million has been mined already, which means only 4 million to be mined, which will make its value more. Additionally, several countries like the U.S., Japan, and South Korea have shown extreme willingness to integrate Bitcoin and other cryptocurrencies into their financial systems by setting up regulated markets that might function freely and securely. By the end of the year 2021, the Bitcoin price will reach $23,499.

Bitcoin Price Prediction 2022

Bitcoin might experience unexpected growth by 2022, with the adoption rate getting tripled. Bitcoin might be accepted by the masses worldwide as the most feasible payment system, which is hassle-free. Bitcoin anyway is not far off before it takes the sweet spot for fiat currencies, and most of the developed world might see the change coming in faster than the rest. By 2022, Bitcoin might reach $32,000, given the advancements are stable.

Bitcoin Price Prediction 2025

Bitcoin price prediction suggests that the Bitcoin price is up for a long-term 385.450281% in the BTC price value with a 5-year investment. This means that in 2025, the Bitcoin price is forecasted to stand at $ 50044.6. (Bitcoin Future Prediction)

Bitcoin might touch the $50k mark in the year 2025, which can take the crypto market to a whole different height altogether. As per the predictions and analysis, Bitcoin stays securely to number one position, without any close contender. Gradually, Bitcoin might be seen more as a store of value, along with it being an alternative currency. There are certain Bitcoin price prediction tools that help experts come up with data. The fiat currencies might be replaced by Bitcoin, as predicted by crypto enthusiasts like John McAfee.

By 2025, Bitcoin might be used more often by more people, i.e, the real-time use case will be increased, which will make it even more powerful.

Bitcoin Price Prediction 2030

Bitcoin price might grow exponentially, as the terms of payment policy might change, and so will the means of exchange. There might be a larger part of the retail shops, which would work more on the Bitcoin payment system, instead of fiat. By 2030, BTC might even prove to be the epitome of the modern money system, and it might rise to as much as $52,000.

Bitcoin Price Prediction 2040

By 2040, Bitcoin might have achieved something stronger, which would have multiplied its adoption rate exponentially, all across the globe. There will be lots of new innovations, and Bitcoin might have its own new innovations, which could make it more binding. By 2040, Bitcoin might reach $60,000, in value.

Biggest Movements in Bitcoin Price History

Bitcoin price has experienced volatility throughout. In December 2017 Bitcoin price nearly reached 20,000 USD and then by April 2018, it fell to $7,000, and below $3,500 by November 2018. This year has been experiencing a steady growth of Bitcoin and other altcoins. As per the enthusiasts and traders, Bitcoin is going to ultimately, reach greater heights, with all the updates and developments happening around in the crypto space.

FAQs On Bitcoin Price Prediction

1. Will Bitcoin go up in value?

As per the experts and crypto enthusiasts, a huge chunk of people are optimistic about Bitcoin going up in value in the years to come.

2. Is it smart to invest in Bitcoin?

It depends on you and your goal, as in if you are looking for long term investment or short term investment. Moreover, it is highly recommended for you to do thorough research before making any investment decisions. 

3. How is the price of Bitcoin determined?

The price of Bitcoin, like any other currencies is determined by demand and supply.

4. Can Bitcoin be exchanged for real money?

You can get Bitcoin with fiats like USD or Euro. But Bitcoin is a virtual electronic currency with an efficient built-in transfer system. You need to put it in an exchange and convert it into fiat to exchange it for real money.

5. How often does the price of Bitcoin change?

The price of Bitcoin can change within seconds, there's no standard frequency of price change for Bitcoin.

6. What was Bitcoin's lowest price?

The lowest price was in October 2010, when Bitcoin was worth less than a dollar and cost $0.125, and in 2011February to April, it was trading at $1.00.

7. Is the price of Bitcoin across the world the same?

Yes, the price of Bitcoin across the world is the same, just that when you change to you local fiat, the price of 1 BTC varies in that case. For instance in USD, 1 BTC is equivalent to $9,385.89 USD and when it comes to INR, 1 BTC is equivalent to Rs 7,13.080.32.

8. What is the difference between bid and ask price?

The bid price is the highest price a buyer pays for security and ask price is the lowest price.

9. Is Bitcoin safe and legal?

Bitcoin enables transparency and decentralization, and different countries have specific rules and regulations.

10. How do I start buying Bitcoins?

You can go here directly to start buying Bitcoins. You can easily buy Bitcoin with the help of a Credit or Debit card, with fiat currencies. You can even convert more than 300 cryptocurrencies to Bitcoin instantly.

11. How much does it cost to buy 1 Bitcoin?

1 Bitcoin is equivalent to $9,165.12 as of February 26, 2020.

12. Can Bitcoin crash to zero?

This is one of the things whose probability is next to impossible.

13. How does Bitcoin work?

Bitcoin is a virtual currency, which works on blockchain technology, where all the transactions are recorded in a public ledger called blockchain.

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*This price prediction is based on the data collected from various sources. This should not be considered as an investing parameter and user should do their own research before investing.