Jason A. Williams, a co-founder and a partner at Morgan Creek Digital fund, a colleague of the Twitter-active Anthony Pompliano, has cited the BlanB crypto analyst (also famous in the Crypto Twitter). The latter says that after the upcoming Bitcoin halving next year, the market value of BTC will total $1 trln, which means that the BTC price will skyrocket to $55,000.
”The model predicts a bitcoin market value of $1trn after next halving in May 2020, which translates in a bitcoin price of $55,000.” ~ PlanB— Jason A. Williams 🦍 (@JWilliamsFstmed) October 20, 2019
Halving is in 206 days @100trillionUSDhttps://t.co/fIAdGq379A
The next Bitcoin halving is drawing closer
The previous Bitcoin halving took place in 2016. The next one (occurring every four years) is mathematically planned in 2020. The miners’ reward for each new generated block will be cut by two, therefore making BTC rarer and more slowly injected to the market than previously.
Many crypto experts are betting on that to see the Bitcoin price surge immensely. Various predictions have been voiced. People whose job is far away from technical analysis have named the highest figures – Tim Draper and John McAfee. The latter insists that BTC will hit nothing less than $1 mln by 31 December 2020.
However, one of the analysts on Crypto Twitter, PlanB, modestly suggests a mere $55,000 per 1 BTC after the halving takes place in May next year.
Bitcoin’s 600,000th block has been mined
Friday last week was a significant day, whose appearance had been ‘foretold’ by many Bitcoin-wise men – block #600,000 was extracted on the Bitcoin chain. This means that only three mln Bitcoins are left to be mined as 18 mln of them have been minted already.
Some believe that this fact, along with the approaching halving event, will also contribute to the BTC price surging high.
This week in crypto:— Pomp 🌪 (@APompliano) October 19, 2019
1. Bitcoin’s 18th millionth BTC mined
2. Digital dollar becomes more likely
3. Binance hits $1B in total profits
4. Fidelity rolls out custody & trading
5. Bermuda accepts USDC for taxes
6. Libra adopts initial charter
7. Bitcoin still not dead :)
What are your thoughts on the impact the coming halving is going to have on the BTC price? Share your views in the comments section below!