What will the Bitcoin price be in 2020? Will we see BTC achieve an unstoppable bull run or will it crash to unforeseen lows? We have gathered 9 Bitcoin price predictions from cryptocurrency experts that will hopefully shed some light on what industry insiders are expecting to see in 2020.
1. John McAfee: $1 million
John McAfee has become a well-known name in the crypto sphere, and is quickly building a reputation for making bold statements and even bolder gestures (see his 2020 presidential bid) . In keeping with this, McAfee predicts that by the end of 2020 Bitcoin will be worth a staggering $1 million.
Read more: What can John McAfee's 2020 presidential bid do for crypto?
“I now predict Bitcoin at $1 million by the end of 2020,” he says. So confident is he in his prediction that McAfee has reaffirmed his promise to “eat my dick if wrong.”
When I predicted Bitcoin at $500,000 by the end of 2020, it used a model that predicted $5,000 at the end of 2017. BTC has accelerated much faster than my model assumptions. I now predict Bircoin at $1 million by the end of 2020. I will still eat my dick if wrong. pic.twitter.com/WVx3E71nyD— John McAfee (@officialmcafee) November 29, 2017
2. Thomas Lee: $91,000
Thomas Lee predicts that by March 2020, Bitcoin will be worth $91,000. However, it’s important to note here that this prediction was made in March 2018 which, in the crypto sphere, might as well be a lifetime. As a result, it’s entirely possible that Thomas Lee has since adjusted his forecast.
Read more: Is Bitcoin dead? 8 reasons why it is NOT
According to a Forbes article, Fundstrat’s Thomas Lee based his prediction on a chart that shows Bitcoin’s performance after past dips. An average of the percentage after each dip was calculated and then used to arrive at the 2020 prediction.
The article explains that because the chart uses a logarithmic scale, Bitcoin’s highs and lows are less defined as they would be if the chart used a linear basis.
Read more: 8 long-term Bitcoin price predictions by crypto experts
3. Bobby Lee: rally to start in late 2020
Bobby Lee has predicted that Bitcoin will bottom out at $2,500 sometime in Januay of 2019 which will set the stage for a bull run in late 2020. He predicts that by December 2021, Bitcoin will peak at $333,000 before crashing once more to $41,000 in January 2023.
If history repeats perfectly, then the current bear market for #Bitcoin would bottom out at $2,500 next month, in Jan 2019.— Bobby Lee (@bobbyclee) December 7, 2018
And then the next rally would start in late 2020, peak out in Dec 2021 at $333,000, and then crash back down to $41,000 in Jan 2023.
Something like that?🙂 https://t.co/M8ljIVnt73
Bobby Lee then made a poll asking Twitter users if they think his prediction is accurate. Based on the results, 59% agree with his forecast.
4. Murad Mahmudov: Bitcoin will achieve a new all time high in 2020, Tone Vays: there is a 40% chance that this happens.
Murad Mahmudov, host of 'On The Record', believes that Bitcoin will hit a new all time high sometime in late 2020. Prominent crypto personality and analyst Tone Vays generally agreed in an interview with this statement, adding that there is a 40% chance of seeing a new all time high in 2020. This percentage increases to 45% for 2021.
5. Wheatley model: $2,352.03
According to a Forbes article, the Wheatley model predicts Bitcoin will be trading at a rather bearish $2,352.03 in 2020. The article explains that the Wheatley model focuses solely on Bitcoin’s demand. Bitcoin's slow demand growth is why its 2020 price prediction is so low.
Read more: 9 Bitcoin price predictions for 2019 by crypto experts
6. Hayes model: $55,931.60
The Hayes model on the other hand predicts a much more bullish trading price for BTC in 2020. This is because that while the Wheatley model focuses on Bitcoin’s demand, the Hayes model focuses on its supply. Bitcoin’s supply is expected to slow as it approaches its supply cap, which should drive up prices.
7. Mark Yusko: $75,000
Morgan Creek Capital Management founder Mark Yusko predicted in April last year that Bitcoin could hit $75,000 per coin by 2020. It’s important to keep in mind that Yusko’s prediction was made before the bear market had unfolded, so its likely he may since have adjusted his figures.
Anthony Pompliano, another well-known name in the crypto sphere and co-big shot at Morgan Creek, has adjusted his own forecast. Pomp originally predicted in January 2018 that Bitcoin would end the year off at $50,000. However, having since poured through more data, Pomp has kept his original price prediction of $50,000 but has extended the timeline to 2022.
I've revised my Bitcoin outlook after spending more time digging through data than I would like to admit. I'm still very bullish, but it may take longer than anticipated: https://t.co/TYEuoBaChh pic.twitter.com/yjF0VRt5Ey— Pomp 🌪 (@APompliano) August 24, 2018
8. Jim Blasko: $100,000 - $200,000
Founder of Bitcoin Talk Radio Jim Blasko has taken quite a bullish stance, believing Bitcoin to be worth anywhere between $100,000 and $200,000 by the end of 2020 or early 2021. According to TheStreet, his prediction is based off of Bitcoin’s mining reward being cut in half from 12.5 Bitcoins per block mined to 6.25 Bitcoins. Having the rewards halved means the price of BTC should increase which, according to Blasko, will spark FOMO.
Read more: Will Bitcoin recover in 2019?
9. Mining difficulty may mean Bitcoin’s price could be $17,317
Twitter user 100trillionUSD posted an intriguing graph on Twitter near the end of last year. The graph predicts the price of Bitcoin to be about $17,317 by 2020. However, unlike most other predictions, this one is calculated based on the difficulty of mining Bitcoin in the coming years.
The higher Bitcoin’s hash rate is the more profitable mining becomes. However, increases in the hash rate also make it more difficult to mine. If the hash rate is too high relative to the price at which miners can sell their coins, it will result in unprofitable miners dropping out.
“Based on the poll results on bitcoin difficulty and the possible power law relationship between bitcoin price and difficulty (see formula below), an unorthodox prediction of the 2020 bitcoin price would be: $17,317,” 100trillionUSD explained.
1/4 Based on the poll results on bitcoin difficulty (see poll below) and the possible power law relationship between bitcoin price and difficulty (see formula below), an unorthodox prediction of the 2020 bitcoin price would be: $17,317 pic.twitter.com/5MjDW9Tgay— planɃ (@100trillionUSD) December 23, 2018
#bitcoin difficulty is 5,106,422,924,659— planɃ (@100trillionUSD) December 22, 2018
What will difficulty be 2 years from now (end of 2020)?