Copy link
Increase text size
Decrease text size
Link copied

Bitcoin’s post-halving price could soar to $20,000 by yearend, says analyst

An analyst believes that Bitcoin's price would continue to rise this year.

Onov3056 / Wikimedia Commons

Tue, 09 Jun 2020, 05:15 am UTC

The market might have failed to sustain Bitcoin’s recent rally past the $10,000 mark. However, an analyst remains bullish on the token’s price trajectory this year and expects to cryptocurrency to continue to soar with the possibility of even breaching $20,000 by the end of 2020.

This is the bullish prediction of Mike McGlone, Bloomberg’s senior commodity strategist who believes that, barring any untoward incident, the token’s price is likely to continue to climb higher for the rest of the year. “In the unlikely event of a significant change for the worst, we expect the bitcoin price to continue appreciating,” McGlone said, according to Forbes.

One reason that could push Bitcoin’s price upward is the easing by central banks. “This unprecedented year of central-bank easing is accelerating the maturation of the first-born crypto toward a digital version of gold while accentuating oversupply constraints in most of the market,” McGlone explained.

The coronavirus pandemic also accelerated the use of digital money instead of physical cash. The closure of physical stores meant that most people do their shopping online where they have to use digital cash to pay for their purchases.

McGlone also believes that the recent halving, where the number of bitcoin received from mining is cut in half, will also push the token’s price. In May, mining reward dropped from 12.5 bitcoin to 6.25. Historically, the cryptocurrency’s price soared after each halving.

“Bitcoin is mirroring the 2016 return to its previous peak,” McGlone said. “That was the last time supply was halved, and the third year after a significant peak. After 2014's 60% decline, by the end of 2016, the crypto about matched the 2013 peak. Fast forward four years and the second year after the almost 75% decline in 2018, bitcoin will approach the record high of about $20,000 this year, in our view, if it follows 2016's trend.”

McGlone isn’t the only one who sees bitcoin appreciating in the coming months. In fact, some believe that the cryptocurrency could be in the cusp of a “fourth crypto cycle.”

“The 2017 cycle spawned dozens of exciting projects in a wide range of areas including payments, finance, games, infrastructure, and web apps,” Andreessen Horowitz partners Chris Dixon and Eddy Lazzarin said. “Many of these projects are launching in the near future, possibly driving a fourth crypto cycle.”

TokenPost | [email protected]

<Copyright © TokenPost. All Rights Reserved. >

To leave a comment, please sign in.
  • Robert
  • 2020.09.18 23:41:14
Bitcoin and other cryptocurrency scams are becoming rampant as the day goes by. One should be careful when dealing with people online especially when it has to do with your funds. Getting back your stolen bitcoins is very easy but they are lots of fraudulent recovery firms out there so you need to be careful not to end up being defrauded again. ASSETRESCUE01 @GMAILCOM is the most trusted and reliable recovery firm online. They are the best recovery firm out there now. They are very fast and efficient in the recovery of your funds. To contact them EMAIL: ASSETRESCUE01 @GMAILCOM, You can simply send an email or WhatsApp on +1 206 745-0108 and you will be helped to recover 100% of you lost funds.
  • 0
  • ·
  • 0
  • Moses
  • 2020.06.13 01:59:50
I am a cryptocurrency trader and i make over 200% daily, If you are interested,i can teach you how to trade and also help you achieve your goal in life with crypto i can turn
$4500 into $35000 in less then four weeks,now that bitcoin has low prices...please note that cryptocurrency trading is bitcoin unlike binary and Forex,bitcoin is traded for altcoins also you can reach to me if you are new to bitcoin and to give you more info and guideline on how to invest smartly, this is opportunity life time knocking on your door inbox me for more info....contact me on whatsapp :+12067425358 happy new year to you all .
  • 0
  • ·
  • 0
  • lyndabarnes
  • 2020.06.10 12:22:58
Binary options involve predicting the movements of commodity, asset or index prices over a short time. Although they may be a legitimate financial product with many licensed firms trading in them, binary options are speculative, high risk products that are almost impossible to predict, even for professionals. There are groups of scammers who use binary options to steal your money.
I would like to drop off few words about my negative and teaching experience with RB Options company. Like many others, I was contacted by the broker in 2019, and despite the fact I didn't have any knowledge about financial markets, got convinced by Peter Oaks, that I'll have all his assistance in order to make successful trades. Alright, sounds good, why not to try?
After putting a large amount on my account, ive watched how my balance would go higher and higher. Ofcourse seeing this proof of how im good at it, my manager Peter made me invest more over 35,000 Euro. After a couple weeks of such magnificent trading, my account ended up over 95,000 Euro. An excellent opportunity to file a withdraw, no? No!! They released only 12,000 in order to trick me invest more 100,000. I didnt have such money at the moment and I was put on hold. Weeks after nobody would even answer my calls or my emails. It became very clear, that Ive become a victim of a huge and shameless scam. Time passed by and I was growing disappointed and very angry with my own naive.
I had paid Birman Law 10% of my principle loss with nothing to show for it, I think the algorithm of these programs are designed for us to lose money in some way. If you flushed your money down the toilet with a binary broker then just learn your lesson, it took me 3 months to figure out how to get my money back after made failed attempts; I contacted several lawyers but it was all waste of time and money, they couldn't render an inch of help. I later came across a certified binary options recovery expert through a family member , I was able to hire him to recover my money within 15days from the brokers(RB options), he was able to retrieve my funds successfully . If you have found yourself in same situation as me you can contact the expert on '''instantfundsrecovery (A T ) protonml (cm)" just in case you find yourself in same situation; I can assure he would be able to help you just as he helped me. Be cautious of where and how you invest
  • 0
  • ·
  • 0
More
  • Bitcoin (btc) $46,116.00 (-6.00%)
  • Ethereum (eth) $1,466.59 (-7.93%)
  • Tether (usdt) $1.01 (+1.52%)
  • Binance Coin (bnb) $227.31 (-5.20%)
  • Cardano (ada) $1.08 (+5.74%)
  • Bitcoin (btc) $46,116.00 (-6.00%)
Feb 26, 2021 (Friday)
09:18
CoinNess DeFi Report: Assets Locked In DeFi Mark $50.23 Billion
09:07
BTC Surges by 1.41% Within 5 Mins, Marking 45,964.43 USDT
09:06
Matrixport Announces Integration With Aave Protocol
09:03
The U.S. 10-year treasury bond yield fell 6 basis points to 1.45%.
09:00
Huobi Futures has adjusted the rules of funding rate and premium deviation for DOGE/USDT swaps and ZKS/USDT swaps, and the price limit mechanism for ZKS/USDT swaps.
08:58
NFT Collector Whale Shark Donates 1M WHALE To Charitable Trust
08:25
HM Treasury’s UK Fintech Review Calls For New Crypto-Assets Regime
08:14
DeFi Alliance Launches $15 Million Startup Investment Fund
08:11
Cream Finance tweeted, "Proposal passed! $UST will be added to C.R.E.A.M. on #Ethereum."
07:35
BTC Drops by 2.37% Within 5 Mins, Marking 44,575.3 USDT
07:16
BTC Drops by 1.07% Within 5 Mins, Marking 45,811.64 USDT
06:58
EIP-1559 Performance Test: 6426 Blocks Process In 22 Hours
06:42
OKEx To Suspend Deposit And Withdrawal Of ADA
06:40
Flare To Integrate $XLM As An F-Asset
06:14
SparkPool tweeted to appose EIP-1559.
06:13
24H Trading Volume Of Uniswap Tokens Marks $1.04 Bln
06:11
Effective Hashrate Of Filecoin's Entire Network Marks 2.75 EiB
06:09
On the listing document of Form S-1 submitted by Coinbase to the US SEC, it added a tribute to Satoshi Nakamoto on the cover of the document.
05:51
BTC Drops by 1.63% Within 5 Mins, Marking 45,641.26 USDT
05:06
BTC Drops by 1.2% Within 5 Mins, Marking 46,626.62 USDT
Subscribe to the TokenPost newsletter!
Don't show me this again today.
Back to top
Copyright ⓒ TokenPost. All Rights Reserved.
PUBLISHsoft