Lorenzo Stroe
Independent Analyst
- Bitcoin is currently trading at $9,107, up 27% since the beginning of 2020.
- Many analysts have tried to predict the price of Bitcoin this year.
Many analysts and investors like to predict the price of Bitcoin in the future. For the most part, Bitcoin hasn’t moved a lot from its initial price in January. After the huge surge towards $10,000, BTC/USD crashed following the movement of the global stock market in reaction to the pandemic and has finally recovered to practically the same price it had in late-January.
Botched predictions in the first half of 2020
Starting with Timothy Peterson, manager of Cane Island Alternative Advisors and author of ‘Bitcoin spreads like a virus’ has stated that Bitcoin was close to $75,000 in a Tweet on June 8.
The 2020 #bitcoin recovery has tracked the 2013a recovery almost perfectly. Are we weeks away from $75,000? pic.twitter.com/3u3xjDMmgl
— Timothy Peterson (@nsquaredcrypto) June 7, 2020
Unfortunately, Bitcoin was not weeks away from $75,000 and in fact, crashed three days later to $9,113 from the top of $9,992.
Another popular analyst, Crypto Michael has stated that Bitcoin was on schedule to break $10,500 and continue towards $12,000.
And, the price of #bitcoin is back in range and back on schedule to break above $10,500 towards $12,000. $BTC
— Crypto Michaël (@CryptoMichNL) June 16, 2020
Although this prediction is far more conservative, Bitcoin failed to break above $10,000 several times already.
Thomas Lee, one of the most infamous Bitcoin analysts, known for his past failed predictions stated that Bitcoin will see 197% gains on February 5 because of a break of the 200-MA.
Boom #bitcoin https://t.co/1BeGwrhMZM
— Thomas Lee (@fundstrat) February 5, 2020
Of course, as we all know, Bitcoin didn’t see a 197% price increase but rather a 40% crash on March 12 followed by a recovery to essentially the same price. An older prediction by Thomas Lee stated that Bitcoin will reach $91,000 by March 2020 based on Bitcoin's performance after market dips. Unfortunately, Bitcoin crashed towards $3,000 in March.
John McAfee, also quite infamous for his predictions, was also wrong as he predicted Bitcoin to reach $1 million by 2020. Although 2020 is not over, McAfee himself has stated that his prediction is actually 'nonsense'.
Note: All information on this page is subject to change. The use of this website constitutes acceptance of our user agreement. Please read our privacy policy and legal disclaimer. Opinions expressed at FXstreet.com are those of the individual authors and do not necessarily represent the opinion of FXstreet.com or its management. Risk Disclosure: Trading foreign exchange on margin carries a high level of risk, and may not be suitable for all investors. The high degree of leverage can work against you as well as for you. Before deciding to invest in foreign exchange you should carefully consider your investment objectives, level of experience, and risk appetite. The possibility exists that you could sustain a loss of some or all of your initial investment and therefore you should not invest money that you cannot afford to lose. You should be aware of all the risks associated with foreign exchange trading, and seek advice from an independent financial advisor if you have any doubts.
Recommended Content
Editors’ Picks
Google, Apple could remove Binance from their app store on Philippines SEC request
The Philippines SEC has requested Google and Apple to remove applications controlled by Binance from their App stores. The exchange’s Philippines-based users are finding the exchange inaccessible to remove their funds.
XRP rallies as Ripple slams SEC for penalties, asks regulator to establish likelihood of future violations
Ripple filed its response to the SEC lawsuit on Monday, arguing that XRP institutional sales before and after the court ruling show no disregard for the law. The firm asks for a civil penalty of no more than $10 million against the $2 billion requested by the SEC.
Here’s why Ondo price hit new ATH amid bearish market outlook Premium
Ondo price shows no signs of slowing down after setting up an all-time high (ATH) at $1.05 on March 31. This development is likely to be followed by a correction and ATH but not necessarily in that order.
PENDLE price soars 10% after Arthur Hayes’ optimism on Pendle derivative exchange
Pendle price is among the top performers in the cryptocurrency market today, posting double-digit gains. Its peers in the altcoin space are not as forthcoming even as the market enjoys bullish sentiment inspired by Bitcoin (BTC) price.
Bitcoin: BTC post-halving rally could be partially priced in Premium
Bitcoin (BTC) price briefly slipped below the $60,000 level for the last three days, attracting buyers in this area as the fourth BTC halving is due in a few hours. Is the halving priced in for Bitcoin? Or will the pioneer crypto note more gains in the coming days?