Bitcoin (BTC) Might Reach $20,000 By May 2020 – Is That Surge Possible?
Bitcoin (BTC) will experience what is called in the crypto-verse as “halving” in just approximately nine months from now, in May 2020. Even though that event is bullish, the BTC market is not seeing any spikes, nor significant drops, setting a trading range. However, according to last years’ statistics, a model suggests that Bitcoin (BTC) price would surge in May 2020, once again, reaching the level of $20,000.
The “halving” of Bitcoin, which will take place in May 2020, will cut in half the amount of BTC on each block. That’s something that would lessen the process and reflect into a favorable BTC stock.
PlanB, a famous analyst of the cryptocurrency industry, reportedly a source for investors, released a chart that shows that Bitcoin (BTC) would trade at around $20,000 as a result of the block reward reduction, known as “halving.” That would mean a BTC price surge of about 100% from the current value of the leading cryptocurrency in the market, by market cap.
Would Bitcoin (BTC) indeed trade at $20,000 in May 2020, after “halving?”
On Twitter, PlanB posted the above image. Also, the analyst said the following:
“Bitcoin halving chart update: 9 months to go!
2012 halving: t-9 BTC $5 -> t=0 $12
2016 halving: t-9 BTC $314 -> t=0 $627
2020 halving: t-9 BTC $10,100 -> t=0 $…”
PlanB suggested that, as it has happened before, in May 2020, Bitcoin (BTC) would surge by about 100% to $20,000. That because, whenever a Bitcoin (BTC) “halving” took place, the crypto’s price doubled. Even though it might look like a shallow analysis, the numbers don’t lie, and there are also many other traders, analysts, and investors who believe the exact same thing.
Besides, the release of Facebook’s Libra, according to the analysts, should attract more people to the cryptocurrency market, a fact that could also benefit Bitcoin (BTC), as well. Also, other crypto enthusiasts believe that Bitcoin (BTC) would reach $9,750 in the upcoming months, but it would then return on an ascending path towards $20,000 until May 2020.
Andreas Townsend Author
I am a technical writer, author and blogger since 2005. An industry watcher that stays on top of the latest features, extremely passionate about finance news and everything related to crypto.