Bitcoin (BTC) Price Targets $10,000 Prior to Halving: Morgan Creek Digital Co-Founder

News
Mon, 05/04/2020 - 09:59
Yuri Molchan
With just seven days to go before the Bitcoin halving, investors and analysts are expecting the BTC price to surge, while others have an opposite take
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At press time, Bitcoin is trading in the $8,700 zone, but with the halving due in seven days, many are expecting the price to hit at least $10,000 or even go as high as $20,000.

Some, however, do not think that Bitcoin will skyrocket to its 2017 ATH right away.

‘Set the stage for run up to 10k pre #bitcoin halving’

On May 3, co-founder of Morgan Creek Digital, Jason A. Williams, tweeted his expectation that, before the halving, Bitcoin will likely hit $10,000 thanks to Asia.

More good news prior to the halving is that this weekend, the Bitcoin hashrate surged to a new all-time high above 140 EH/s.

Trader @TheMoonCarl reminds the community that after the halving, Bitcoin inflation will drop from 3.6 percent per year down to just 1.8 percent. This, he points out, will be close to the inflation rate of gold, which is 1.6 percent.

‘Things don’t go to $20K in a straight line.’

Amsterdam-based analyst Michael van de Poppe has commented on the numerous expectations regarding the BTC price. He states that a price peak before the halving would be healthy.

He also stated that Bitcoin is unlikely to reach $20,000 that fast. However, as per him, talks about BTC dropping to $2,000 are also unreasonable.

“A retrace is more than healthy after a 150% rally. Also healthy would be a peak before the halving. ‘buy the rumor, sell the news’. Things don’t go to $20K in a straight line. Also no need to call for $2K.”

Van de Poppe has shared his previous Bitcoin scenario, saying that it remains relevant for him at the moment. The analyst expects Bitcoin to decline to the $5,800 level in September this year and then reach the $10,800 zone in 2021.

Related
Warren Buffett Killed His Reputation by Being Wrong About Bitcoin (BTC): Max Keiser

BTC 40x from here: Max Keiser

Prominent Bitcoin advocate Max Keiser has written in a tweet that ten percent of a portfolio in Bitcoin can already bring great profit, even if the other ninety percent of the assets drop in price.

“Even a portfolio with 90% garbage that goes down, and 10% #Bitcoin, will do well. BTC 40x from here.”

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About the author

Yuri is a journalist interested in technology and technical innovations. He has been in crypto since 2017. Believes that blockchain and cryptocurrencies have a potential to transform the world in the future. ‘Hodls’ cryptocurrencies. Has written for several crypto media. Currently is a news writer at U.Today, can be contacted at yuri.molchan@u.today.

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