It’s almost a year and a half since Bitcoin peaked at $20,000, and expectations certainly fell during that time.
People sold their houses and businesses when Bitcoin was at $20,000. But as soon as it reached that mark, it fell down to $6,000. That left people in disarray as it had ruined their life savings.
But that’s nothing unusual in the crypto world. Since January 8th, 2018, Bitcoin has seen a steady market cap of around $800 billion.
But as August just about started, we are officially less than half the way to go to reach 2020. And according to some knowledgeable people in crypto, Bitcoin is predicted to be huge in the following year.
That’s why we’ve decided to give our take on what the future will hold for Bitcoin in the coming years.
The Price Predictions You Should Consider
Let’s be honest about it; no one can 100% predict the price of Bitcoin or any other altcoin. People have tried, and some have even come close to it, but ultimately, they fail. If we could predict the price of Bitcoin, we would all be billionaires.
The only thing you should know is that price is volatile in the crypto world. This means that the value of a certain coin can go up and down and up and down and up and down in a matter of days if not even hours. There are no explanations to it, it just does. This makes predicting the price of Bitcoin and other altcoins nearly impossible.
What we can do is speculate and consider the value of a certain coin through real-world events that are happening around it.
This can include improved technologies, implementation of technologies, future roadmap objectives, new partnerships, and the most important one, regulations.
The best tip we can give you is to drop the bias hat and look at things as they are. According to bitcoincode, never buy a currency if the price excites you. If people truly believed Bitcoin would be huge, they would have bought it back at $100 or $1,000 and not at $20,000.
But we promised that we would give you our take on the price of Bitcoin. Before we do that, here are some of the most exciting predictions from some of the biggest people in the crypto industry.
Bitcoin Price Predictions for 2020
The first prediction comes from John McAfee, the popular anti-virus software McAfee. John McAfee is a pretty well-known guy in the crypto industry because he makes insane price claim predictions on his Twitter.
Back in 2017, McAfee predicted that the price of Bitcoin would reach $500,000 by the end of 2020. If it didn’t, he said he would eat his private parts. Since then, McAfee has changed his prediction claiming that Bitcoin would reach $1 million by the end of 2020, still claiming to eat his private parts if it didn’t.
Tom Lee is an analysis who works for a cryptocurrency research organization called Fundstrat. Tom Lee predicted in 2017 that Bitcoin would reach an all-time high of $25,000. And although it didn’t, he was pretty close when it hit $20,000. Tom Lee predicts that Bitcoin will reach $91,000 by the end of 2020.
We can’t really back up McAfee’s crazy claim of $1 million, and we can’t back Tom Lee’s claim of $91,000 eighter. Bitcoin was hit with a lot of regulations worldwide, hence why the price has been struggling in the past 18 months. But we believe that Bitcoin does have a future, so we are going to predict Bitcoin to regain its all-time high of $20,000 by the end of 2020.