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Another bitcoin price prediction is in the books. This time, the words come from Sonny Singh, an executive with Bit Pay.
Singh Predicts Big Things for BTC This Year
In a recent interview, Singh explained that he thinks 2020 will be the year in which bitcoin strikes $20,000 territory again. Thus, crypto enthusiasts will see three 20s this year; $20,000 in 2020. One wonders if this is meant to be funny…
On the one hand, it’s good news. Bitcoin – which recently fell back into the $7,000 range following the easing of tensions between the United States and Iran – is currently trading for much less than $20,000, so the idea that it could spend the remaining 12 months of the year potentially spiking by $12,000 or more is exciting.
At the same time, the prediction probably isn’t worth breaking the champagne out over considering just how many large price predictions are meandering through the crypto space as of late. One of the biggest ones comes from Tim Draper, who stated that he was moving his BTC price prediction of $250,000 from the year 2023 to 2020. Thus, the six-figure mark he’s long suggested is about to be hit three year earlier than expected.
It’s a bit difficult to take this prediction seriously. $250,000 is a big number, and the currency would have to rise several hundred percent to reach this goal in the allotted 12-month timeframe. Draper himself admits he doesn’t know anything relating to the technical nature of bitcoin and that he hasn’t given much thought or attention to the currency’s technical charts. Rather, he’s basing his newfound prediction on instinct and past trends.
Other figures in the crypto space to make lavish bitcoin predictions include Ethereum co-founder Charles Hoskinson and convicted Silk Road creator Ross Ulbricht, who still suggest a six-figure mark for bitcoin this year, but whose words are less “extensive” than those of Draper. Both men feel that bitcoin will likely reach a figure of $100,000 sometime in 2020.
Singh’s prediction is more in tune with the likes of Mike Novogratz, who commented not too long ago that 2020 would be the year in which bitcoin reached $12,000. While this seems like an unbearably low prediction, the figure seems much more doable when one considers the time at hand. For bitcoin to spike just a little over $4,000 in 12 months seems much more doable.
This Has Already Happened…
Singh’s prediction isn’t too far off the mark, either. After all, bitcoin has risen to $20,000 in the past (December 2017). The only problem was that it didn’t stay there and spent the following 12 months traveling through the gutter at incredibly fast speeds.
Maybe this time will be different, and 2020 really will be the year when the world’s number one cryptocurrency by market cap shakes off the bears for good.