Bitcoin has dropped below the $9,000 mark recently, and things are slow in returning to their original bullish form. While the world’s number one cryptocurrency appears to be on a steady rise (BTC is currently trading at a little over $8,900, a jump from the $8,700 it was experiencing yesterday), the currency is nowhere near the $10,400 it was at roughly two weeks ago.
Bitcoin Is In Unfair Shape
The good news is one source is claiming that bitcoin, despite the recent drop in price, will not slink below the $8,200 mark. An individual who goes by the name “Analyst Plan B” on Twitter – who at press time, enjoys more than 70,000 unique followers – has stated the following:
Update: my two cents on #bitcoin price – 2020: BTC stays above $8,200 (so we are NOT dropping to $6K or $4K levels that others are predicting now). May 2020 halving: will be above $10K. 2021: bull run starts after the halving and tops $100K before Dec. 2021. #Not Financial Advice.
That last little section is likely included to save himself from any repercussions should the world’s number one cryptocurrency decide to go against his prediction(s), but either way, he doesn’t believe bitcoin will drop further than the low $8,000 range. This is good news considering what a low point 2019 ended on. Sure, the currency had doubled its price since the beginning of the year, but it sure went through plenty of ups and downs to get there.
BTC even surpassed $13,000 at one time last summer, thereby reaching its highest point since the 2017 bull run that saw the asset trading for nearly $20,000 per unit around Christmastime of that year. However, the currency lost nearly half of that value by the time 2019 was ready to call it quits and ended the year at a measly $7,200.
Plan B went on to say:
8.2K bottom still stands. It would really be unprecedented if it breaks, never happened before. Note it has nothing to do with s2f.
The Strange and Wonky Predictions Just Keep on Coming
This has certainly been a wild and wacky year for bitcoin price predictions, and not everyone agrees with Plan B. Figures like Willy Woo and Tone Vays, for example, see the bitcoin price falling as low as $4,000 before May’s upcoming halving. From there, the event would propel the currency into a higher position, though they suggest the currency could lose roughly $1,000 – $2,000 each month until that happens.
By contrast, figures like “Crypto Bull” on Twitter are going all out in their positive bitcoin waves. Crypto Bull suggests that one unit of bitcoin could potentially reach as much as $500,000 by the time 2021 is ready to ring in. This is even larger than Tim Draper’s newfound idea that BTC will reach $250,000 by the end of this year.