In 2018, most Bitcoin price predictions fell short by a long margin. As a result, Bitcoin price predictions for 2020 by the likes of John McAfee, now seem altogether absurd. However, some market watchers believe that a new Bitcoin bull run might be just around the corner.
Mike Novogratz 2019 Bitcoin Price Prediction
Wall Street investment soprano Mike Novogratz, is just one of several high-profile Bitcoin investors, who sees a good year ahead for Bitcoin. In November 2018, Novogratz predicted that Bitcoin would retest $10,000 during Q2 of 2019. More importantly, Novogratz is yet to repeal this prediction. Instead, Novogratz recently told Bloomberg that he still expects Bitcoin to move significantly higher in coming months.
Asset Management Firm Lucid Predicts $10 Million Bitcoin
Could Bitcoin reach $10 million in value in 2019? Not really. However, Dean Tyler, CEO of asset management firm Lucid, does believe that Bitcoin will hit $10 million in value in the long-term.
Dean Tyler and Lucid Vice President Leah Wald, believe that Bitcoin will eventually reach $10 million. This is because Bitcoin is one of just a handful of potential fixes to the world’s mounting debt crisis.
Twitter CEO Jack Dorsey’s Bitcoin Price Prediction
Appearing recently on the popular Joe Rogan Experience podcast, Twitter CEO Jack Dorsey, came out in avid support of Bitcoin. According to Dorsey, Bitcoin’s 10-years in the wild gives the cryptocurrency significant leverage over other coins. Moreover, while not putting a specific price on Bitcoin, Dorsey did state that in his opinion, Bitcoin will eventually become the reserve currency of the Internet and e-commerce as we know it.
All People Need to do Now is Wait – Zhao Dong
In a further boost for Bitcoin, Zhao Dong one of the world’s most prominent over the counter market Bitcoin traders has also stared his belief that a Bitcoin bull run is imminent. In a recent cryptocurrency forecast for 2020 and 2021, Zhao Dong has stated that in his opinion, Bitcoin can easily reach $51,000. This being the case, the “only thing you need is patience.”
Are any Bitcoin Price Predictions for 2020 Based on Real Evidence?
Because many Bitcoin price prediction forecasts from 2018 failed to materialize, it is important not to take more recent predictions as gospel. However, there are several reasons why Bitcoin might perform much better in 2019 than it did in 2018.
In May 2020, Bitcoin will experience a halving event, where the number of new Bitcoin entering circulation will be cut by 50%. This is significant as historically, Bitcoin prices have risen by as much as 300% in advance of previous halving events.
2018’s Crypto Winter Might Prove Beneficial for Bitcoin
As well as an impending halving event, 2018’s so-called ‘Crypto Winter’ may prove beneficial for Bitcoin in the long-term. Many altcoins have been decimated by the most extended bear market in Bitcoin history. As a result, a future bull run will likely see more investors focus their attention on Bitcoin over other cryptocurrencies.
Of course, no one can say with any certainty how Bitcoin will really perform in the coming months. For this reason, investors should always take care to do their own research and never invest more than they can realistically afford to lose.