How much Bitcoin will cost on December 31, 2020 – expert opinions

CONTENT

  • Experts disagree

  • Many see the prospects for the growth of the rate of a digital asset

  • Experts named the factors supporting the positive movement of bitcoin

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December 31, 2020 has become a special date for many investors. By this very day, according to the forecast of the CEO of MGT Capital Investments, the creator of the popular McAfee Security antivirus and one of the most popular members of the crypto community, John McAfee, the bitcoin (BTC) rate will reach $ 1 million. In addition, December 31 is the border between 2020 and 2021. which means this day is the last chance for a coin to prove itself in the outgoing year. 

The editorial staff of BeInCrypto decided to find out the opinions of experts and members of the crypto community about the prospects for the movement of the cryptocurrency rate.

How December 31, 2020 became a special day for bitcoin

The history of the forecast began in July 2017. During this period, John McAfee suggested that in 3 years BTC would cost $ 500 thousand. He reinforced his confidence in the forecast with the phrase “if this does not happen, I will eat my penis on the air of national television.” Subsequently, the developer raised the rate from $ 500 thousand to $ 1 million.

if not, I will eat my dick on national television.

– John McAfee (@officialmcafee) July 17, 2017

More than three years have passed since then, but members of the crypto community remember the loud words of John McAfee.

Hello @officialmcafee ..sir I’m still here! pic.twitter.com/X73AneX59l

– ϻ 𝔤 𝔲 𝔯 𝔞 [ꜩ] (@MagUraCrypto) July 17, 2020

The developer himself has once again confirmed that he is ready to fulfill his promise if his prediction does not come true. However, earlier in one of the tweets, John McAfee admitted that his forecast was just a ploy to draw attention to the digital asset market. Those who sincerely believed in his words, he called idiots.

Despite the fact that the creator of the forecast has changed his mind several times, the members of the crypto community continue to monitor the movement of the digital asset ahead of the designated date.

Expert forecasts

Nikolay Klenov, financial analyst at Raison Asset Management investment company believes that it is impossible to make forecasts for the bitcoin rate for the exact date. The expert explained his point of view by the high volatility of the first cryptocurrency. 

“In addition to factors such as demand and legal regulation, the manipulation of large players affects the price of bitcoin. In addition, now, during the coronavirus crisis, the volatility of bitcoin – like other investment instruments – has increased. So we can only talk about probabilities and trends “, – this is how Nikolai Klenov explained his point of view.

The expert drew attention to the fact that at the moment Bitcoin is trying to gain a foothold above $ 12 thousand. If the designated milestone is taken, by the end of the year, according to Nikolai Klenov, the first cryptocurrency is likely to cost more than $ 13 thousand. 

The potential frontier for the growth of bitcoin, according to Nikolai Klenov. Data: TradingView

“The growth will be due to, among other things, halving, the potential of which has not yet been realized,” the expert said.. 

At the same time, the analyst does not exclude the possibility of a cryptocurrency rollback to $ 11 thousand and below, especially in the case of the second wave of the pandemic and the exacerbation of the economic crisis..

Tatiana Maksimenko, official representative of the Garantex exchange also believes that the market has not yet won back the consequences of the block reward cut. The expert noted that only three months have passed since the halving in May, and this is too short a time to see its result. 

“If you look at the bitcoin rate in 2012 and 2016, when the level of remuneration for mining cryptocurrency was also halved, we will see that the halving effect was felt for about a year and a half. We saw a jump in prices in 2013, we saw it in 2017 – just 12-18 months after the halvings “, – this is how Tatyana Maksimenko explained her point of view.

Bitcoin Price Prediction From Zero to a Million | Experts Opinions

At the same time, the expert noted that by the end of the year she would like to see the Christmas rally of bitcoin and the capture of the $ 15,000 milestone. At least, as noted by Tatyana Maksimenko, she expects a positive movement in the cryptocurrency rate. 

Potential bitcoin growth frontier, according to Tatyana Maksimenko. Data: TradingView

“All the prerequisites for such a development of events are there, let’s hope that this will happen,” summed up the official representative of the Garantex exchange.

Opinions of members of the crypto community

Analysts at Ecoinometrics have given a more optimistic forecast for the movement of bitcoin. In their opinion, by December 31, 2020, the cryptocurrency will be able to reach the level of $ 41 thousand. Analysts have made a forecast based on the study of the trajectory of the BTC rate after previous halvings.

#Bitcoin after the Halving
Aug. 24, 2020

104 days after the 3rd halving. # BTC at $ 11,750.

Ethereum Price Set To Explode! – DeFi

I think nobody will mind if we proceed to move to $ 14k now… pic.twitter.com/Wtp1l0wGrn

– ecoinometrics (@ecoinometrics) August 24, 2020

Popular blogger Ivan on Tech agreed with Ecoinometrics’ prediction. In his opinion, Bitcoin will be able to end the year near the level of $ 41 thousand. The blogger also gave a forecast for Ethereum – the second largest cryptocurrency by capitalization. The coin, he believes, will rise in price by the end of the year to $ 6 thousand. Many Ivan on Tech subscribers drew attention to the fact that such a forecast for Ethereum is too optimistic even under the most favorable circumstances for the cryptocurrency.

Price prediction for December 2021:

Bitcoin $ 40,000
Ethereum $ 6,000

Let’s see how this ages …

– Ivan on Tech (@IvanOnTech) August 19, 2020

Some statistics

Many members of the crypto community give their predictions for bitcoin based on the analysis of the behavior of the coin in previous periods. In order to see the prospects for the movement of BTC, the editorial staff of BeInCrypto analyzed the features of the movement of the asset rate in time intervals after the halving of the level of the mining reward:

How much Bitcoin will cost on December 31, 2020 - expert opinions
Halving year Price at the time of halving Price as of December 31 of the same year Percentage changes Number of days from December 31 to halving Local maximum of the BTC price in the period until the next halving  Days to the maximum
2012 (November 28) $ 12 $ 13 8% 64 (by 0.125% growth per day) $ 1160, November 29, 2013 (9566% higher than the halving price) 364
2016 (July 9) $ 657 $ 991 fifty% 175 (0.285% growth per day) $ 20,089, December 17, 2017 (2957% higher than halving price) 526
2020 (May 11) $ 8915 ? ? 234 ? ?

Average growth from the price at the time of halving to the local maximum – 6261%. Based on this logic, halving the level of reward for mining bitcoin can bring the cryptocurrency to the level of $ 567 thousand. 

If we consider the theory that with each halving, the growth opportunities of the coin decrease (the 2017 high was 69% lower than the 2013 result), then the prospects for the positive movement of BTC will be limited to 916%. In this case, the local maximum can be set near the level of $ 90 thousand..

findings 

All forecasts are nothing more than speculations. No one knows exactly how the course of the most capitalized cryptocurrency will move further. To other conclusions:

  • Members of the crypto community do not have enough statistics to identify the peculiarities of the behavior of the cryptocurrency rate after halving.
  • Analysts’ opinions on the local maximum during 2020 differ: some see the prospects for cryptocurrency growth up to $ 15 thousand, others – up to $ 1 million.
  • Many factors influence the behavior of Bitcoin. The future of the coin, among other things, depends on what the news background around the digital asset market will be..

Learn more about forecasts of the movement of BTC in 2020-2021 from our material.

Disclaimer

All information contained on our website is published in good faith and objectivity, and for informational purposes only. The reader is solely responsible for any actions he takes based on the information received on our website..

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How much Bitcoin will cost on December 31, 2020 - expert opinions
How much Bitcoin will cost on December 31, 2020 - expert opinions
How much Bitcoin will cost on December 31, 2020 - expert opinions

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