The cryptocurrency world is recently experiencing price upsurge, which has been uniform across all cryptos. Bitcoin topping the list of the cryptocurrency continues to maintain a notable increase in price on a daily basis.
John McAfee had earlier made a prediction in 2017 that the price of BTC would rise to a million-dollar before the close of 2020. However, the crypto pundit retracted his statement after years of criticism.
In the same vein, Global Macro Investor CEO, Raoul Pal has joined McAfee by also predicting that the worth of Bitcoin could hit one million dollars before the end of the year.
Pal argued that it is becoming easier for Bitcoin to move to $40,000 as the top coin hits $10,000. He opined that the chances of BTC hitting $1 million are now higher than ever before.
Pal presented a fresh Bitcoin price movement on May 8, 202O. His chart presented an easy case for a “vastly higher” Bitcoin price.
“Whatever plays out, after a KEY technical break like today, the probability of vastly higher prices has risen dramatically,” tweeted Pal.
Chart 1 – The Perfect Wedge.
If you use classic charting techniques, it gives you a price target of around $40,000…but 1/2 pic.twitter.com/Q2pYRJtnIP
— Raoul Pal (@RaoulGMI) May 8, 2020
However, the tendency of Bitcoin hitting $1 million seems so unrealistic, it will be important to note that the crypto leading currency surprisingly hit $10,000 on the 7th of May. This has raised the hope of all cryptocurrency enthusiasts and investors.
Albeit, Bitcoin needs to have a wider adoption to attain the “excessively ridiculous” price at the moment.
Bitcoin Block Reward Halving
Furthermore, the much-anticipated Bitcoin Block reward halving fixed to happen on the 12th, may likely have some effect on the hiking price of BTC.
This is because, according to history, in about 10 to 11 months after halving the price of Bitcoin tends to experience an increase of about 1,200% to 6000%.
Typically, the price of Bitcoin gradually increases after halving. For this reason alone, analysts await the price of Bitcoin to go past its $20K all-time high.
In addition, the excitement by the analyzers of history would likely send more traffic of adopters to the leading cryptocurrency coin.
Also, as many countries of the world implement lockdown policy to contain the COVID-19 pandemic, thousands of institutions and individuals are beginning to see blessings in investing in cryptocurrencies.
No wonder Billionaire co-founder of Gemini Exchange, Tyler Winklevoss, noted that the combination of halving and the “Great Monetary Inflation” should be an interesting experiment this COVID-19 period.
The Halvening in combination with The Great Monetary Inflation should be an interesting experiment.🧪🍿
— Tyler Winklevoss (@tylerwinklevoss) May 8, 2020