As we all know by now, the bitcoin halving is scheduled to arrive this coming May, and many analysts are arguing that the event will likely cause the currency to jump in price.
The Halving Is On Its Way
One analyst on Twitter – simply going by the name “Crypto Bull” alleges that the currency could spike as high as $33,000 in July thanks to the halving. In a recent social media post, Crypto Bull explains:
Bitcoin ROI from first halving to second halving: 5,333 percent. We are currently up 1,338 percent since the second halving. 5,333 percent from second to third halving gets us to $34,838. Less than four months to go. $33K by July secured.
2020, for many, is the year in which bitcoin is likely to strike it bigger than ever. Some of the other players in the crypto industry that think the currency is about to spike beyond measure include venture capitalist Tim Draper, who recently said that BTC may hit the $250,000 mark by the end of the year.
Originally, Draper commented that the currency would strike this territory in 2022 and then 2023, though he full admits that his prediction is not based on technical information but rather on instinct and past trends.
Other individuals who believe big things will happen for BTC in 2020 include Ethereum co-founder Charles Hoskinson and Silk Road founder Ross Ulbricht. Both believe bitcoin is likely to hit $100,000 in the coming months.
As of late, Twitter appears to be the place where all the bitcoin analysts are hanging. Another such figure – Galaxy BTC – commented on Twitter not too long ago that the currency was likely to jump up by roughly 1,000 granted it passed a specific trend line on a logarithmic chart. In a message to all his followers, Galaxy BTC writes:
Breaking the green line will be what triggers the next parabolic movement that will take us to $100K minimum. Save this picture. You are not late. You are early… $100K / $BTC. We all know it’s going to happen sooner or later. You can watch it from the sidelines, or long the biggest upcoming bull run of our lifetime. When it gains momentum, be ready.
Still, however, the halving doesn’t have everyone convinced that things will change, with some even going so far as to suggest that the present bitcoin price already factors in the event.
Maybe Nothing Will Happen
One person who doesn’t believe the halving will lead to much is Meltem Demirors. In a recent interview, she commented:
There is a very real possibility the price of bitcoin does not go up after halving. For the first time, there is robust derivative (futures, options) market for bitcoin. Most firms looking to speculate on bitcoin will trade a derivative, not the underlying.