During July 2016, the second halving took place and the price of bitcoin was trading at around $700, and in 2017, the price skyrocketed to $20,000. The stimulus will come with inflation and subsequently pressure on the value of the dollar. BeinCrypto’s Bitcoin price prediction 2020: unclear for the year, but the long-term potential is for BTC to reach $144,000 in the years following the halving. Todd Crossland, CEO of CoinZoom says that “While I applaud and support the government in taking the most aggressive measures in providing stimulus for the economy, just the magnitude of the stimulus and printing of dollars, and the accompanying debt gives me a reason to pause. During the black swan stock market crash of March 2020, investors dropped stocks for cash, resulting in a. . GS If you continue to use this site we will assume that you are happy with it. PlanB is a popular medium profile that has done an analysis based on stock-to-flow and halving. If that happens, BTC could experience a healthy year, fluctuating between $15,000 and $20,000. Bitcoin’s halving is just hours away. ⭐ Binance is the world's leading crypto exchange! Many in the crypto community have taken this to imply that cryptocurrencies like bitcoin are the solution to which Dalio speaks of. For your information, with the next halving, the inflation rate of Bitcoin will be set at 1.80% per annum. That will wear out bulls quicker than a price correction. If that’s the case, then a new class of millionaires may emerge from the severe crisis that is gripping the world’s economy. According to Capital.com, BTC will start 2020 somewhere around $25,000 just to reach $33,000 at the end of the year. Read more about what happened after the Bitcoin halving 2016 in our our article about Bitcoin price predictions 2017 vs 2019. Still, if the price breaks out upwards (which it should if the formation is indeed wedge), we will surely see BTC above $10,000 or even $12,000 in 2020. as to how the bitcoin halving impacts price, “The theory is that there will be less bitcoin available to buy if miners have less to sell.” So, from a supply-demand perspective: If bitcoin supply decreases and the demand for bitcoin stays the same, then the price of bitcoin will increase. Luke Fitzpatrick covers blockchain trends on Forbes. Bitcoin Halving Will Reduce Bitcoin Supply As previously reported by Bitcoinist, the next halving will see the miner block reward go from 12.5 to 6.25 BTC sometime in May 2020. In order for BTC to reach $100,000 after the halving, a lot of things have to come to pass, NewsBTC claims. If that is the case, then the third bitcoin halving could be a major catalyst for monetary change, resulting in a generation of new crypto millionaires. However, the bullish sentiment isn’t self-understood in such cases as the market sometimes reacts unexpectedly. In the end, please note that every analysis presented in this article may be thwarted by some new-found market conditions. Josh Rager’s Bitcoin price prediction 2020: $150,000. However, there is no rule that market moves have to be proportional. This is a simple explanation of the bitcoin halving event that will happen in May of 2020. Hackernoon also brings a similar forecast as the outlets mentioned above. With countries like Venezuela, Lebanon, and the Bahamas exchanging local currencies for bitcoin, then Dalio may indeed be correct. From a historical perspective, during previous bitcoin halvings, each time the price of bitcoin has reached all-time new highs: On November 28th, 2012, the first bitcoin halving occurred, which saw the price of bitcoin increase from $11 to $1,000 around a year later. As we can see, most of the predictions we’ve covered in this article paint an optimistic picture for the Bitcoin market in 2020 and beyond. Billionaire investor and founder of Bridgewater Associates. Billionaire bitcoin bull Tim Draper believes that the price of one bitcoin could rise to, ; Buffett’s Books founder Preston Pysh thinks that bitcoin could, within 3 years; and Silk Road founder Ross Ulbricht predicted that it could hit an astronomical price of. Michael Dubrovsky, cofounder of the mining company PoWx puts sheds light as to how the bitcoin halving impacts price, “The theory is that there will be less bitcoin available to buy if miners have less to sell.” So, from a supply-demand perspective: To date, there have only been 2 bitcoin halvings. This can be viewed as Bitcoin’s answer to inflation as it’s code is programmed to reduce the influx of new coins in the market, thus making the asset more scarce. “The bulls must first be fully purged. During the halving, block rewards are cut in half, which in turn, limits the supply of bitcoins. This is the most positive price prediction we have listed. Ross Ulbricht, who is currently serving a double life sentence for his involvement in creating the infamous Silk Road dark web marketplace, continues to be a well-known figure in the cryptocurrency community with many prominent names calling for him to be released from prison. The possibility of Bitcoin price to pump massively is high, reflecting the halving event that would help the assumption. Since bitcoin’s inception in 2009, the halving (also known as halvening), is an event that takes place roughly every 4 years. PlanB Bitcoin price prediction 2020: $55,000. The same chart shows that, if the price breaks the $7,400 support, BTC has two crucial levels in 2020. Still, since the Bitcoin halving is one of the most anticipated upcoming events, we will take you on a journey to explain some history, quote the best sources, and explain the reasons for such Bitcoin price predictions. This was the first bull run of major proportions in the history of the cryptocurrency market that foreshadowed the events caused by the second halving which is going to propel Bitcoin’s price towards the moon. In an appearance on Block TV in December, Draper doubled down on his ambitious prediction that Bitcoin will reach a sky-high price tag of $250,000 as the market develops following the upcoming halving in May. A multilingual news and analytics website, IHODL, has published a very illustrative chart regarding the Bitcoin price prediction for the 2020 halving. So, let’s see how these events influenced the market. Many in the crypto community have taken this to imply that cryptocurrencies like bitcoin are the solution to which Dalio speaks of. , believes that in the near future, there could be a massive shift of wealth. Since the Bitcoin genesis block was mined on January 3rd, 2009, the first halving took place in 2012, followed by the second one in 2016. Tere, the author, focuses on the element of scarcity as the driving force behind the rising valuation of Bitcoin. All Rights Reserved, This is a BETA experience. Halving is nothing more than the pre-programmed inflation control mechanism designed to create more scarcity. If bitcoin supply decreases and the demand for bitcoin increases (ie. In retrospect, that represents an increase of more than $2 trillion in under 6 weeks. Capital.com Bitcoin price prediction 2020: $33,000.