Bitcoin moves to consolidate on its past performances. There is possibility of BTC dropping below, as much as the chances its price possesses to soar. However, analysts seem optimistic that the end of 2020 will be a great time for the digital currency to attain greater heights in terms price, as the much awaited halving is now less than a year.
Bitcoin has not had a coveting price surge lately. It has been changing hands above $11,000 support level for the past 24 hours. Crypto enthusiasts, especially retail and capital investors covet the stable price appreciation of BTC, while traders are okay with its perpetual price fluctuation.
Bitcoin halving is obviously less than a year. According to general belief, this scenario will drastically reduce total supply of BTC, which would make the cryptocurrency very scarce, and then its supply will fail to meet up with its demand.
Once this plays out, it will notably favour the price of Bitcoin. This could make its price skyrocket beyond expectation. Anthony Pompliano opined that the forthcoming halving could aid BTC to hit $100,000.
While other analysts believe that Bitcoin will maintain its present 5-digit price level, and would consolidate to attain new 2019 highs, which would precede a record of new price hallmarks.
Despite the state of BTC in the market, people like Tone Vays still argue that crypto winter is not over yet, believing that the digital currency will still retest $5,000 or below, before it could maintain stable price upsurge.
Bitcoin and other cryptocurrencies have not made significant price appreciation for the past hours. At the time of filing this report, BTC is trading at $11,345.47, with 0.74% price increase in the last 24 hours.
Tone Vays Speaks on How Bitcoin (BTC) Price Would Play-Out In 2020
Tone Vays, an analyst and trader, who has been pessimistic about the present state of Bitcoin price, recently shared his thought on the growth of BTC by the end of 2020.
Vays had once claimed that the reason the recent parabolic movement of Bitcoin’s price is unfounded, claiming it would still plunge below $4,000 mark.
Read his statement below:
“Technically, everything is in play until end of 2020, after that sub $5,000 is not likely. Worst Case Scenario: prices drop to $5k into the halving…”
He posited that more than half of the miners would shut down after the halving, due to unfavourable revenue, which would aid the price surge of Bitcoin eventually.
“…then after halving 70% of miners shut down due to negative revenue, Bitcoin spirals down in price but then rises from the dead!”
Disclaimer: Our writers invest in cryptocurrencies and it is possible the author of this article has investment in any of the digital currencies discussed. Some times author's presented information may be laced with opinions. Treat articles as mere information and not as financial advice.