Bitcoin halving is one of the major reasons for volatility increase before May 2020. Miners increased their effors in mining Bitcoin. But during a coronavirus attack, it may be difficult to resist the temptation and sell coins to buy masks and disinfectors.
After Bitcoin price reached $10,000 last week, it hasn’t been moving back and traders are wondering what happens next. Next Bitcoin halving and coronavirus fears force worldwide crypto communities to protect their family from both the threat and economic collapse. Some analysts have stated that a deep correction is on the way to the cryptocurrency market. The correction is not coming, and the drama heats.
From the other side, people are claiming that Bitcoin is accumulating power to start a bullish rally. With a possible 100% growth, Bitcoin could even reach $20,000 after the halving. However, this might be a long process, taking months, according to many positive predictions. History shows that it took three years for Bitcoin to pull off from the 2014-2015 bear trend.
Some Experts Claim $18,000 Immediately at Next Bitcoin Halving
Polar Hunt has issued an analysis claiming that such a Bitcoin price is entirely possible. After studying the previous Bitcoin price cycles, they noticed similarities and cycles. Per the document, Bitcoin can easily gain up to 100% in value. Which is a significant increase, driving the price to a barrier of $20,000 and above.
The interesting part is that the study suggests that the price increase will happen exactly when Bitcoin halving occurs. This is a risky prediction because it will happen in around 68 days. Mike Novogratz, Galaxy Digital CEO, and notable crypto trader, said that he expects Bitcoin to cost $20,000 ‘literally by the halving’.
Previously, this notable investor was saying that cryptocurrencies will receive much more steam after regulators roll out strict laws. As of now, many tech aspects of blockchain remain in the unclear juridical zone. Per the TradingView specialist, ‘Financial Survivalism’ Bitcoin will hit $20,000 by July 1, 2020. He has some graphs and thoughts to back his prediction. Read More...