In reality, nobody can predict the future of a cryptocurrency, but if we could, we would all be billionaires. In the cryptocurrency world, prices are very volatile. This means that the value of a coin can go up or down really quickly, with often no explanation as to why. This makes predicting prices much more difficult than traditional markets.
When considering the future value of a cryptocurrency, it is always better to look at real-world events. This can include improved technology, future roadmap objectives, new partnerships or even regulations.
The most important thing is that you always perform your own independent research before making an investment. Never buy a cryptocurrency just because a price prediction excites you, or because your favorite youtuber told you to! At the end of the day, everyone has a different opinion and there is no guarantee that anyone will get it right.
So, now that you know what to consider when reading predictions, the next part of my Bitcoin price prediction 2020 is going to analyze some well-known Bitcoin predictions.
Bitcoin Price Prediction 2020
McAfee
The first Bitcoin forecast that I want to discuss with you is by John McAfee, the creator of the popular anti-virus software McAfee. McAfee is well-known in the cryptocurrency industry because he makes lots of insane price predictions on Twitter, however, it has since been revealed that crypto projects pay him more than $100,000 to do so.
Anyway, in 2017, MacAfee said that Bitcoin would reach $500,000 in 2020, and if it didn’t, he would eat his private parts live on TV! If you didn’t think this was crazy enough, McAfee then increased his Bitcoin price prediction 2020 to $1 million! To be honest, he seems rather confident to me.
Bitcoin Price Prediction 2020
McAfee claims that his prediction is based on his own price prediction model, however, nobody knows what this looks like. If his Bitcoin future price of $1 million comes true in 2020, that would give it a total market capitalization of $15 trillion.
Market capitalization is used to work out the total value of an asset or business. It is calculated by multiplying the current market price against the total amount of coins or shares in circulation. For example, if the current price of a cryptocurrency is $10 and there are in 5 million coins in circulation, then the total market capitalization would be $50 million.
Going back to McAfee’s prediction, Bitcoin would need to increase its value by more than 4,900% from its all-time high of $20,000. Interestingly, the price of Bitcoin increased by more than 2,000% in 2017, so if the current trend continues, who knows what could happen!
Tom Lee
The next Bitcoin price prediction 2020 that I wanted to discuss is by an analyst called Tom Lee. Lee works for the cryptocurrency research organization Fundstrat and he is well-known for discussing the price performance of Bitcoin live on TV. According to Lee’s Bitcoin forecast, the cryptocurrency will break its all-time high in 2017 by reaching $25,000.
Moving forward to 2020, Lee believes that the price of Bitcoin will be valued at $91,000. This particular researcher is highly experienced in chart analysis. This is when you look at historical price movements of a coin and then make a future prediction based on how the coin has moved in the past.
In reality, Bitcoin is probably the only cryptocurrency that you can do chart analysis for. This is because other coins do not have enough trading volume or enough historical data, whereas Bitcoin has a track record of 9 years!
Bitcoin Price Prediction 2020
Osato Avan-Nomayo
The next Bitcoin price prediction 2020 I wanted to talk to you about is a really interesting one, performed by the analyst Osato Avan-Nomayo from Bitcoinist. This prediction is based on the fact that in 2020 the Bitcoin mining reward will be halved from 12.5 BTC to 6.25 BTC.
As you will see from the chart below, the Bitcoin mining reward has halved twice in its history. In 2012 it went from 50 BTC to 25 BTC and then in 2016 it went from 25 BTC to 12.5 BTC. The historical price chart shows that when these two events happened, the price of Bitcoin experienced new heights shortly after.
Bitcoin Price Prediction 2020
For example, 1 year after the first mining reward reduction, BTC rose to $1,000 for the first time. Then 1 year after the second mining reward reduction, BTC reached record highs of $19,500.
Although Bitcoinist don’t actually give a specific Bitcoin future price for 2020, their analysis predicts that its value will reach new all-time highs in 2020, which will be at least $20,000.
Fran Strajnar
The final Bitcoin price prediction 2020 that I wanted to discuss is by the CEO of Brave New Coin, a cryptocurrency research organization. In this Bitcoin forecast, Fran Strajnar believes that its price will reach new highs of $200,000 by the year 2020.
Stranjar argues that adoption rates are increasing all the time, which includes more and more people using the network and an increase in wallets and apps. This is a good argument because as more people buy and use Bitcoin, its price will of course increase.
In fact, in countries such as Japan, there are more than 200,000 stores that you can spend Bitcoin in the real-world. So, this also helps increase the price as it gives the cryptocurrency real-world usage.
So, what do you think of the Bitcoin price predictions I have listed above? Do you agree with them, or are you still not convinced?
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