Bitcoin Could Rally By More Than 100% By The 2020 Halving For This Reason
As you already know, the crypto market tumbled quite rough lately, with the most important coin falling from above $10k more than once.
The $10 level is an important psychological mark, and every time Bitcoin is able to surpass it, such a move can trigger a significant FOMO.
But due to more factors in the crypto space and all over the world, BTC fell recently.
According to more analysts, these factors include a normal correction just ahead of the halving process that is scheduled for this May, whales who sold crypto, the global fear of the coronavirus, and more.
The denial of a new ETF by the US SEC has been also seen as a potential factor that dragged the price of BTC down.
A lot of analysts say that this retracement is also a precursor to a deeper correction.
BTC is on the verge of a rally
On the other hand, there are some voices in the crypto space that have some pretty optimistic predictions for the price of BTC despite the massive volatility.
Some said that BTC is on the verge of rallying by 100% towards the previous all-time high of $20k.
At the moment of writing this article, BTC is trading in the green and the most important coin in the market is priced at $8,779.08.
NewsBTC brings up a Bitcoin bull called Polar Hunt who claims that the digital asset will surge to $18,000.
This means “a gain of over 100% from the current price of $8,550 — by the time of the block reward reduction in May 2020.”
You can check out his analysis below:
This is also holding up nicely and shows how this particular part of the marketcycle is "sideways" and therefor both hard to buy and hard to hold.
Im writing these posts to show you, but also to remind my self not sell any. I actually added to my stack this Friday. pic.twitter.com/VIG2a6OZ8q
— Polar Hunt (@polar_hunt) March 1, 2020
You should check out the original article written by the online publication NewsBTC.
In other news, not too long ago, Chamath Palihapitiya, venture capitalist and chairman of spaceflight company Virgin Galactic, believes that everyone should allocate a small portion of their assets to Bitcoin.
On the other hand, the chairman of Virgin Galactic highlighted that investing in BTC should not be a strategy driven by world disasters such as the coronavirus.
CoinMarketCap is a website that provides cryptocurrency market cap rankings, charts, and more. It was purchased by Binance for $400M in 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.