Bitcoin (BTC) Prediction: BTC To Hit $55,000 In 2020 Or 2021
If you did not have enough Bitcoin-related price predictions these days, here’s another one.
We kept reporting that these BTC forecasts are multiplying with each passing day and they keep their overall bullish sentiment.
New BTC price-related prediction
The Daily Hodl just mentioned a crypto analyst who is known in the crypto space as Plan B has just released a brand new prediction model that shows BTC reaching around $55k the next year or in 2021.
This model is analyzing the potential impact of Bitcoin’s coming halving. In case you’re not aware what this is, well, it will cut the block reward given to miners in half and this will also further slow the production of Bitcoin’s finite supply which is capped around 21 million BTC.
Such halvings have historically triggered a positive impact on the price of Bitcoin and Plan B says that the enhanced scarcity will be driving value once more.
BTC to hit $55k
“Bitcoin has unforgeable costliness, because it costs a lot of electricity to produce new bitcoins. Producing bitcoins cannot be easily faked,” he writes in his post on Medium.
Plan B continues and explains, “Note that this is different for fiat money and also for altcoins that have no supply cap, have no proof-of-work (PoW), have low hashrate, or have a small group of people or companies that can easily influence supply etc.”
We recommend that you head over to Medium and read his complete post to understand the model, but if it’s all “TLDR;” for you, then, here’s the main conclusion of the post:
“The model predicts a bitcoin market value of $1trn after next halving in May 2020, which translates in a bitcoin price of $55,000.”
As we already said, this is just one of the many positive predictions regarding the price of Bitcoin. There have been lots of similar predictions lately.
Eduard Watson Author
An experienced finance writer for more than 10 years, active industry watcher, and gadget enthusiast.